West Elm delivers positive first quarter as sales rise 12%

The parent company of furniture retail brand West Elm has reported a growth in first quarter sales as demand rises.

According to the latest results for the Q1 ended 1 May 2022, Williams-Sonoma, Inc. reported overall sales of $1.8bn, up 9.5%.

Its West Elm brand saw revenues jump 12.8% to $536m from $477m, while the Williams Sonoma brand suffered a 2.2% decline to $252m. Pottery Barn sales rose 14.6% to $775m.

Net income before tax resulted at $323.6m, growing from $273.3m against the same period last year.

Laura Alber, President and Chief Executive Officer, said: “The first quarter of fiscal 2022 represented another quarter of outperformance with a 9.5% comp on the topline, with both demand and net sales in-line with each other; and 19.5% growth on the bottom line to $3.50 per share.

“These results continue to demonstrate the strength of our multi-brand portfolio and our team’s ability to navigate challenges and outperform. Additionally, these results are even more impressive when considering that we were up against last year’s strong performance with a comp of more than 40%.

“As we look to the balance of the year, we remain confident and committed to our guidance of mid-to-high single digit comps with operating margins relatively aligned to fiscal 2021. We have a solid line-up of growth initiatives and operational improvements planned for the balance of the year. And, as we look further, we are confident in our path to be a $10 billion company by 2024.”

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