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West Elm, PBteen Steal Spotlight in Williams-Sonoma's Q3

SAN FRANCISCO - All of Williams-Sonoma Inc.'s nameplates delivered comp increases during the third quarter, but West Elm and PBteen led the pack with double-digit gains for each thanks in part to textiles.
     Total comparable brand revenue growth the quarter increased 8.2% on top of 8.5% in the same period last year.
By concept, comp revenue growth increased:
     • 8.4% for Pottery Barn led in part by bedding assortments and outdoor collections;
     • 1.4% for Williams-Sonoma, with particular strength in autumnal and Halloween goods;
     • 3.9% for Pottery Barn Kids, driven by seasonal, decorative accessories, furniture and textiles;
     • 22.2% for West Elm, driven by furniture, textiles, decorative accessories, and lighting;
     • 16.7% for PBteen, led by furniture and textiles.
     Total company net revenues were up 11.3% to $1.05 billion. Net earnings rose 5.4% to $56.7 million, and earnings per share grew 18.4% to $0.58.
     Quarterly direct-to-customer (DTC) revenues increased 14.5% to $512 million, with growth across all brands but primarily driven by Pottery Barn and West Elm, the company noted.
     DTC net revenues generated 49% of total company net revenues in the quarter, compared to 47% in Q3 2012.
Retail net revenues increased 8.5% to $540 million from $497 million, also primarily driven by Pottery Barn and West Elm.
     Year-to-date results included: a 5% rise in net earnings to $145.1 million; a 20.6% increase in earnings per share to $1.46; and an 11% increase in net revenues to $2.9 billion - comprised of a 48.2% increase in DTC net revenues to $1.4 billion and a 51.8% rise in retail net revenues to $1.5 billion.
     Williams-Sonoma Inc. yesterday raised its fiscal year 2013 guidance. The company is now expecting fiscal year revenue to be in the range of $4.290 billion to $4.350 billion and non-GAAP diluted EPS guidance within a range of $2.76 to $2.83.

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