Williams-Sonoma reports record earnings growth
San Francisco — Williams-Sonoma announced that net revenues for fourth quarter 2010 increased 9.7% to $1.195 billion versus $1.09 billion in fourth quarter 2010, including Internet net revenue growth of 27.2% and a comparable-store sales increase of 5.2%.
Diluted earnings per share on a GAAP basis were $1.05 for the quarter, compared with 81 cents for the same period last year.
Laura Alber, president and CEO, commented: “Fiscal 2010 was a record earnings year for Williams-Sonoma. Each of our brands is stronger today than a year ago and we made substantial progress on our longer term growth and profitability initiatives. We are particularly pleased with the progress we made in merchandising, marketing, customer acquisition, and customer service, as it is these competitive advantages that allowed us to attract new customers to our brands and gain profitable market share all year, including Internet revenue growth of 27%.”
Going forward, Alber said she expects growth in the company’s e-commerce business.
"In fiscal 2011, we expect e-commerce to once again be our most profitable and fastest growing channel. As such, our direct-to-customer segment is expected to reach 43% of total company revenues in fiscal 2011 versus 41% in fiscal 2010."
Williams-Sonoma reported that net revenues for the 2010 fiscal year increased 12.9% to $3.5 billion versus $3.1 billion last year, including Internet net revenue growth of 26.9% and a comparable-store sales increase of 9.8%. Diluted earnings per share on a GAAP basis were $1.83, compared with 72 cents for the same period last year.
For fiscal 2011, the company is expecting non-GAAP diluted earnings per share increasing in the range of 8% to 12% and net revenues increasing in the range of 4% to 6%.
Earnings, comps up at DSW
Columbus, Ohio — DSW has announced net income of $18.5 million on net sales of $468.5 million for the fourth quarter ended Jan. 29, compared with net income of $13.4 million on net sales of $402.6 million for the quarter ended Jan. 30, 2010. Same-store sales increased 14.9% for the comparable period versus an increase of 12.9% last year.
Diluted earnings per share were 41 cents for the fourth quarter of fiscal 2010 compared with diluted earnings per share of 30 cents last year.
Net income was $107.6 million on net sales of $1.82 billion for the year ended Jan. 29, compared with net income of $54.7 million on net sales of $1.6 billion for the year ended Jan. 30, 2010. Same-store sales increased 13.2% for the comparable period versus an increase of 3.2% last year.
Diluted earnings per share were $2.40 for the year, compared with $1.23 for the same period last year, and within the updated guidance range of $2.38 to $2.42 provided on Feb. 8.
DSW said it estimates an annual comparable-store sales increase of 3% to 5% and annual diluted earnings per share of $2.60 to $2.75 for fiscal 2011, excluding any impact from the proposed merger with Retail Ventures.
NBCUniversal Consumer Products group names legal affairs VP
UNIVERSAL CITY, Calif. — The NBCUniversal Television, DVD,Music and Consumer Products Group announced that Ed Prince hasbeen promoted to VP business and legal affairs. Inaddition, Christopher Lucero and Drew Rowley have joined the departmentas directors of global licensing. The announcement was made by KimNiemi, SVPt.
"Ed has been an integral part of the growth our department hasexperienced over the past three years and we look forward to hiscontinued counsel and tapping into his keen business sense," said Niemi."I am also very pleased to add Chris and Drew, whose focus on sales andproduct development is essential as we continue to increase ourportfolio of shows and expand globally."
Prince, who joined the department in August 2007 as director, willcontinue to oversee business and legal affairs for the department,including contract preparation and negotiations, as well as compliance.Prior to joining NBCUniversal, Prince was associate counsel for theWriters Guild of America West, where he handled residuals, claims andrepresented CBS News and promotional writers in labor contractnegotiations. Prince also held positions with United Talent Agency andbegan his legal career as an associate at Christensen, Miller, Fink,Jacobs, Glaser, Weil and Shapiro LLP.
Lucero will be responsible for developing licenses worldwidefor NBCUniversal properties including Syfy, the Weather Channel, NBCNews, MSNBC, CNBC and classic NBC genre properties within the NBCU TVcatalogue. He joins NBCUniversal from Namco Networks America Inc.,where he was business development and licensing manager. While at NamcoNetworks, he negotiated licenses for mobile video games featuring NBCUproperties, The Wolfman and Despicable Me, as well as for TNA Wrestling,PACMAN and other arcade classics. Lucero has also held positions withKonami Digital Entertainment, where he was licensing and business development coordinator, with United Talent Agency, and with EnsembleEntertainment.
Rowley will have day-to-day oversight of television consumer productsbusiness for all current and past programming for NBC, USA Network andthe NBC Universal television catalogue. Rowley joins NBC Universal from20th Century Fox, where he was senior manager of international licensingand merchandising. While at Fox, he negotiated and executed nationalpromotions for "The Simpsons" and "24" with Kentucky Fried Chicken andKia Motors Canada. He also managed the company’s licensing business forCanada and Australia. Rowley originally joined Fox in August of 2004 asa coordinator of international licensing and merchandising. Rowley hasalso held positions with The Cimarron Group in Hollywood, where he was assistant account executive in advertising and with the University ofSouthern California, in their events office.