Williams-Sonoma Stock Skyrockets 30% on Outlook Boost, Earnings that Beat Estimates | Global News Avenue

Williams Sonoma Corporation stock (WSMThe retailer reported better-than-expected quarterly results and raised its full-year sales guidance despite facing a “difficult environment,” sending its shares soaring 31% in intraday trading on Wednesday.

The company behind retail brands including its namesake stores, Pottery Barn and West Elm reported adjusted results Earnings per share (EPS) $1.96, higher than the $1.77 expected by analysts polled by Visible Alpha. all income The $1.8 billion was also higher than the $1.78 billion estimate.

Williams-Sonoma also updated its outlook for fiscal 2024, saying it expects annual net income to decline 3% to 1.5%, and comparable sales are expected to decline 4.5% to 3%.

That’s an improvement from its second-quarter forecast, when the company said it expected full-year revenue to fall 4% to 1.5% and comparable sales to fall 5.5% to 3%.

Retailers raise full-year operating profit forecast

The San Francisco-based company also raised its full-year operating margin forecast to 17.8% to 18.2%.

“Our operating results reflect the operational improvements we focused on throughout the year and demonstrate the strength of our bottom line in a difficult environment.” Chief Executive Officer (CEO) Laura Alber said.

Like other high-end retailers, Williams-Sonoma has been trying to get consumers to be cautious about spending and put off big renovations.

The company’s shares are up about 77% this year.