Retail

Williams-Sonoma Tops Q4 Forecasts, Announces Leadership Changes

Williams-Sonoma

Williams-Sonoma announced its operating results for Q4 and fiscal year ended January 29, 2017 on Wednesday (March 15).

The retailer said it had profit of $1.63 per share and earnings of $1.55 per share, which beat out Wall Street’s expectations for earnings of $1.50 per share, according to an average estimate of 14 analysts surveyed by Zacks Investment Research.

The San Francisco–based company, which is known for selling cookware and home furnishings, posted revenue of $1.58 billion in the period and a net income of $144.6 million.

For the year, Williams-Sonoma reported profit of $305.4 million, or $3.41 per share, while its revenue was noted as $5.08 billion.

“In 2016, we delivered revenues of over $5 billion, which included another year of double-digit growth across West Elm, our newer businesses Rejuvenation and Mark and Graham, and our company-owned global operations. Additionally, from an operational perspective, we executed one of our best holiday seasons and delivered an improved customer experience, which is at the center of everything we do,” Laura Alber, president and CEO, said in a statement.

Alber continued, “Entering 2017, we will continue to improve performance and increase our competitive advantage, with a focus on innovation in eCommerce, our products and service, and the retail experience. We will also remain relentlessly focused on operational excellence throughout our supply chain, driving strategies that will improve our customers’ experience across all of our brands. We are optimistic about the future and believe we have the infrastructure, strategies and talent in place to drive long-term profitable growth for our shareholders.”

The company also announced some leadership changes that will take place within its Pottery Barn Brands. Sandra Stangl, president of the Pottery Barn Brands, will resign from the company on March 31, 2017.

“I am so proud over the last two decades to have been a part of the Pottery Barn Brands’ mission to bring inspiration home. I am grateful to have had the opportunity to work with one of the most talented and inspiring teams in retail. I thank them for their dedication and look forward to their future successes,” Stangl commented in a press release.

Stangl has served the company for more than two decades, and with her resignation will come a restructuring of the leadership for the Pottery Barn Brands.

Williams-Sonoma confirmed that Marta Benson has been named president of the Pottery Barn brand, Jennifer Kellor has been named president of the Pottery Barn Kids and PBteen brands and Jeff Howie has been named EVP and chief administrative officer of the Pottery Barn Brands.

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