Williams-Sonoma tops 3Q net income and revenue expectations

MarketsAssociated Press

Williams-Sonoma Inc. on Wednesday reported strong quarterly results and raised its full-year guidance, giving its stock a lift in after-hours trading.

The San Francisco-based retailer said it earned $64.9 million, or 68 cents per share, compared with year-ago net income of $56.7 million, or 58 cents per share.

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The results beat Wall Street expectations. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 63 cents per share.

The seller of cookware and home furnishings said revenue grew 8.7 percent to $1.14 billion in its third quarter, which also beat Street forecasts. Analysts expected $1.12 billion, according to Zacks.

For the current quarter ending in January, Williams-Sonoma said it expects revenue in the range of $1.53 billion to $1.58 billion. Analysts surveyed by Zacks had expected revenue of $1.56 billion.

The company expects full-year earnings to be $3.11 to $3.19 per share, with revenue ranging from $4.68 billion to $4.73 billion. That's an increase from its previous guidance for a full-year profit between $3.07 and $3.17 per share on revenue between $4.65 billion and $4.73 billion. Analysts surveyed by FactSet expect the company to earn $3.17 per share on revenue of $4.7 billion, on average.

Williams-Sonoma shares have increased 19 percent since the beginning of the year as of Wednesday's close. In after-hours trading the stock jumped 7.3 percent to $74.50.

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Elements of this story were generated by Automated Insights using data from Zacks Investment Research. WSM stock research report from Zacks.

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Keywords:Williams-Sonoma,Earnings Report