US specialty retailer Williams-Sonoma posts Q1 FY21 sales of $1.7 bn

Williams-Sonoma, a US-based specialty retailer of high-quality products for home, has reported 40.4 per cent revenue growth to $1.7 billion in its first quarter (Q1) FY21 ended on May 2, 2021, compared to the revenue of $1.2 billion in the corresponding quarter of previous fiscal. The company’s net earnings rose to $227.8 million (Q1 FY20: $35.4 million).

 

Williams-Sonoma, a US-based specialty retailer of high-quality products for home, has reported 40.4 per cent revenue growth to $1.7 billion in its first quarter (Q1) FY21 ended on May 2, 2021, compared to the revenue of $1.2 billion in the corresponding quarter of previous fiscal. The company's net earnings rose to $227.8 million (Q1 FY20: $35.4 million).#

“These results were driven by strength across all of our brands. We are seeing strength in our core businesses and our new growth initiatives have outperformed,” Laura Alber, president and chief executive officer at Williams-Sonoma, said in a press release.

 

Williams-Sonoma, a US-based specialty retailer of high-quality products for home, has reported 40.4 per cent revenue growth to $1.7 billion in its first quarter (Q1) FY21 ended on May 2, 2021, compared to the revenue of $1.2 billion in the corresponding quarter of previous fiscal. The company's net earnings rose to $227.8 million (Q1 FY20: $35.4 million).#

“As re-openings accelerate across the country, a record number of customers continue to shop with us as they invest in their homes. We are honoured to be our customers' destination for their entertaining and home furnishings needs as they welcome friends and family back,” Alber added.

 

Williams-Sonoma, a US-based specialty retailer of high-quality products for home, has reported 40.4 per cent revenue growth to $1.7 billion in its first quarter (Q1) FY21 ended on May 2, 2021, compared to the revenue of $1.2 billion in the corresponding quarter of previous fiscal. The company's net earnings rose to $227.8 million (Q1 FY20: $35.4 million).#

Gross profit for Q1 FY21 increased to $752.8 million ($414.2 million), while selling, general and administrative expenses were $477.6 million ($365.6 million). The company’s operating income increased to $275.1 million ($48.6 million).

 

Williams-Sonoma, a US-based specialty retailer of high-quality products for home, has reported 40.4 per cent revenue growth to $1.7 billion in its first quarter (Q1) FY21 ended on May 2, 2021, compared to the revenue of $1.2 billion in the corresponding quarter of previous fiscal. The company's net earnings rose to $227.8 million (Q1 FY20: $35.4 million).#

Sales of Pottery Barn brand increased 41.3 per cent to $679 million ($480 million), and West Elm sales grew 50.9 per cent to $477 million ($315 million). Williams Sonoma brand sales during Q1 FY21 were up 35.3 per cent to $266 million ($199 million). Whereas, Pottery Barn Kids and Teen sales rose 27.6 per cent to $236 million ($189 million).

 

Williams-Sonoma, a US-based specialty retailer of high-quality products for home, has reported 40.4 per cent revenue growth to $1.7 billion in its first quarter (Q1) FY21 ended on May 2, 2021, compared to the revenue of $1.2 billion in the corresponding quarter of previous fiscal. The company's net earnings rose to $227.8 million (Q1 FY20: $35.4 million).#

“As we look ahead, we are confident in our runway for growth and profitability. The goals we have set are driving incremental growth faster than anticipated, our brand differentiators continue to accelerate, and favourable macro trends should continue to benefit our business for the long-term. We are the only home furnishings retailer that’s able to serve customers at scale online and provide the experience and convenience of physical retail with exclusive sustainable products – giving us the unique advantage to gain share for many years to come,” Alber concluded in the release.