The parent company of furniture retail brand West Elm has reported a decline in sales during the first quarter of 2023.
According to its latest trading update for the first quarter ended 30 April 2023, Williams-Sonoma, Inc. reported overall sales of $1.7bn, up 6.5% on the same period last year, registering a decline by 6%.
Its West Elm brand saw revenues fall 15.8% to $452m from $536m, while the Williams Sonoma brand registered a decline of 4.4% to $239m. Pottery Barn sales also fell 0.4% to $768m.
Operating income resulted at $199.4m, down from $323.4m, while net earnings stood at $116.5m, also down from $254.1m.
“Despite a challenging macro backdrop, we delivered another solid quarter of earnings. With our focus on compelling product, customer service, and profitability, we achieved our financial expectations,” said Laura Alber, President and Chief Executive Officer.
“We have a culture of innovation and an experienced team who knows how to increase operational efficiencies, control costs, deliver world-class customer service, and drive new growth opportunities. We are confident that we will continue to deliver on our commitment to our customers, our employees, and our shareholders.”
Looking ahead, the group said it expects net revenue growth in the range of -3% to +3% with an operating margin between 14% to 15%.