"We have been copied so aggressively by so many people," said Howard Lester, Williams-Sonoma's chairman and chief executive officer, during his company's quarterly conference call. "Copies come from Wal-Mart today a little bit." Other chains that are, in part, duplicating Pottery Barn's efforts are Restoration Hardware, Target and Z Gallerie, he says.
Pottery Barn's results contributed to a net earnings drop of 21.4%, or $29.1 million, compared to the same period last year. Total revenues inched up 3%, hitting $852.8 million.
Results at the 193-store Pottery Barn has also led executives to reduce the company's revenue guidance for the fourth quarter by $46 million, to $1.234 billion. Management is also reducing earnings-per-share guidance by 15 cents, to between $1 and $1.06.
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