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Williams-Sonoma Profits Up

SAN FRANCISCO-Specialty retailer Williams-Sonoma reports a 22% increase in Q1 earnings.

By Dana Dubriwny | Updated on May 24, 2005

SAN FRANCISCO-Williams-Sonoma Inc. on Tuesday reported net earnings for the first quarter of 2005 increased 22.4% to $26.2 million or 22 cents per diluted share versus $21.4 million or 18 cents per diluted share in the first quarter of 2004.

“During the first quarter, we substantially improved our customer service by fulfilling customer backorders more quickly than we had expected and improving our recent trends in order fulfillment rates,” said Ed Mueller, chief executive officer, in a statement. “The success of this initiative allowed us to realize revenues and earnings in the first quarter that we had not expected to realize until the second quarter.”

Net revenues for the first quarter of 2005 increased 12.4% over the first quarter of 2004 to $720.7 million. Retail net revenues in the first quarter of fiscal year 2005 increased 13.1% to $397.2 million from $351.1 million in the same period last year. Executives attributed the increase to a year-over-year increase in retail square footage of 11.1%.

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