west elm

West Elm owner delivers second quarter growth

The parent company of furniture retail brand West Elm has reported a growth in second quarter sales.

According to the latest results for Q2 ended 31 July 2022, Williams-Sonoma, Inc. reported overall sales of $2.1bn, up 11.3% on the same period last year.

Its West Elm brand saw revenues jump 6.1% to $608m from $580m, while the Williams Sonoma brand registered growth of 0.5% to $249m. Pottery Barn sales rose 21.5% to $879m.

Net income before tax resulted at $365.8m, growing from $323.1m year-on-year.

Following the strong performance, the group has reiterated its fiscal year 2022 and long-term financial outlook of mid-to-high single digit annual net revenue growth, increasing revenues to $10bn by fiscal year 2024, with operating margins relatively in-line with its fiscal year 2021 operating margin.

Laura Alber, President and Chief Executive Officer, said: “The second quarter marks another quarter of strong performance, delivering an 11.3% comp on the top line and earnings growth of over 19% to $3.87 per share. These impressive results reflect the strength of our multi-brand portfolio, the success of our growth initiatives, and the ongoing execution of the team.

“We continue to demonstrate our ability to perform by offering high-quality, differentiated, and sustainable products that our customers know and love. Our performance was driven by strong order fulfillment, positive demand comps, and our successful continued elimination of site-wide promotions.

“I am very proud of this performance especially given the macroeconomic backdrop and the strong compares we were up against, all while delivering an impressive 41.1% comp on a two-year basis. And it is this continued outperformance that gives us the confidence to reiterate our 2022 guidance and longer-term outlook.”

Save this article for later

You can revisit this article if you save it as favourite news!

Share on twitter
Share on facebook
Share on linkedin
Share on whatsapp
Share on telegram
Share on email

Leave a Comment

have you read…

related articles

MORE ARTICLES