San Francisco Williams-Sonoma Inc. slashed its fiscal third-quarter, fourth-quarter and full-year profit and sales forecasts Wednesday, citing softer sales.
The retailer now expects a third-quarter loss between 10? and 12? per share compared with a prior forecast for break-even earnings to a 4?-per-share profit. Revenue is anticipated between $732 million and $742 million, down from $802 million to $820 million.
Analysts polled by Thomson Reuters predict break-even net income for the third quarter on sales of $805.8 million. Estimates typically exclude one-time items.
“Over the past six weeks our sales trends have weakened dramatically, reflecting a significantly higher level of consumer concern over the events that have taken place in the global financial markets as well as the increasing likelihood of a prolonged recession,” chairman and CEO Howard Lester said in a statement.
Revenue is now anticipated between $3.27 billion and $3.34 billion, down from $3.57 billion to $3.64 billion.