Why Williams-Sonoma, Inc. Stock Dropped Today
Shares of Williams-Sonoma Inc. (NYSE: WSM) are down 11.5% as of 11:00 a.m. EST after the home-furnishings retailer announced in-line quarterly results, but offered underwhelming earnings guidance for the holiday quarter. The company also announced an acquisition.
Williams-Sonoma's third-quarter revenue climbed 4.3% year over year to $1.299 billion, including 3.3% comparable-brand growth. That translated to a 2.8% increase in net income to $71.3 million, and -- thanks to share repurchases over the past year -- 7.7% growth in earnings per share to $0.84. Williams-Sonoma's latest guidance called for revenue of $1.27 billion to $1.31 billion, comparable-brand revenue growth of 2% to 5%, and earnings per share of $0.80 to $0.87.
IMAGE SOURCE: WILLIAMS-SONOMA/POTTERY BARN.
Source: Fool.com
