Williams-Sonoma Shares Fall As West Coast Port Slowdown Dents Profit Forecast

Williams-Sonoma Inc. shares fell 2.5% in after-hours trade on Wednesday, after the company gave a disappointing profit outlook for the first quarter and the full fiscal year, citing the negative impact of the West Coast port slowdown. The parent of Pottery Barn and West Elm chains said the West Coast port slowdown will reduce sales this year by as much as $40 million and cut per-share profit by up to 12 cents. Most of the negative impact will be recorded in the first quarter. It sees per-share profit of 40 cents to 45 cents in the first quarter and $3.35 to $3.45 a share for the year, below the FactSet consensus estimates of 55 cents a share in the first quarter and $3.65 for the year. The company said fourth-quarter profit rose to $147 million, or $1.57 a share, from $133.8 million, or $1.38 a share, a year earlier. Excluding one-time items, profit in the most recent quarter was $1.52 a share, matching the FactSet consensus. Sales rose to $1.54 billion from $1.47 billion, but missed the FactSet consensus of $1.57 billion. Separately, Williams-Sonoma raised its quarterly dividend by 2 cents to 35 cents a share.