Williams-Sonoma’s profit surges 62%
San Francisco — Williams-Sonoma reported Thursday that net income for the quarter ended May 1 jumped 62% to $31.6 million, from $19.5 million a year earlier, topping company expectations.
Revenue rose 7.4% to $770.8 million, better than expected.
Same-store sales, which includes direct-to-consumer revenue, rose 9%. Same-store sales rose 3.1% at the namesake brand, 7.9% at Pottery Barn and a record 11% at Pottery Barn Kids.
“During the quarter, we continued to invest in our key growth initiatives – including increasing our penetration in e-commerce, expanding the reach of the West Elm brand, and extending our international presence,” stated Laura Alber, president and CEO. “While all of these initiatives are in their early stages of development, we believe each of them represents a long-term growth opportunity that we will continue to invest in throughout the year.”
Williams-Sonoma increased its revenue forecast to between $3.66 billion and $3.73 billion for the year. It earlier had forecast $3.64 billion to $3.72 billion.
Report: Big Lots off the block
New York City — Big Lots has decided not to sell itself after bids from private equity firms came in below the company’s expectations, according to The Wall Street Journal.
The chain reportedly had received interest from several buyout firms earlier this year, following which it decided to explore a sale. Two groups of private-equity firms — Bain Capital and TPG Capital, and Thomas H. Lee Partners and Advent International — had put in final bids, but they were below Big Lots expectations, the report said.
PetSmart records 28% profit gain in Q1, beats Street
Phoenix — PetSmart reported Wednesday that net income in the first quarter rose 28% to $70.9 million, compared with $55.6 million in the year-ago period. Results beat Wall Street expectations.
Revenue increased almost 7% to $1.49 billion, from $1.40 billion in the previous year. Same-store sales rose by 5%.