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.”

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