US-based consumer retail company Williams-Sonoma has reported that its comparable brand revenue for the fiscal year 2021 (FY21) grew by 22.0% compared with 2020 and was up by 39.0% from two years prior.
The company’s full-year net revenues increased to more than $8.2bn and its operating income was $1.45bn.
Williams-Sonoma’s adjusted earnings per share (EPS) increased by 64% to $14.85 from FY20, while its gross margin stood at 44.0%.
For the fourth quarter (Q4), which ended on 30 January 2022, the company’s net revenue was $2.5bn compared with $2.2bn in 2020.
Its brand revenue also rose by 10.8% on top of a 26.2% growth in FY20.
Driven by higher year-over-year merchandise margins and other factors, Williams-Sonoma’s gross margin reached 45.0%, expanding by 290 basis points.
The firm’s operating income for Q4 was $524.57m, while its adjusted EPS increased by 37% to $5.42 from Q4 2020.
Williams-Sonoma president and CEO Laura Alber said: “These results reflect the resilience in our business model, as we successfully navigated unprecedented challenges within the supply chain, material and labour shortages, and capacity limitations from our incredible consumer demand.
“This resilience, coupled with continued execution in our growth initiatives, fuelled an annual comp of 22%; operating margin expansion of 350 basis points; and EPS growth of 64% to $14.85 per share.
“We are immensely proud of our accomplishments, our record fiscal year results, and the outstanding work of our team. I am confident that we will continue to raise the bar and extend this momentum in fiscal 2022.”
For FY22, Williams-Sonoma expects its financial results to be in line with its long-term outlook of mid-to-high single-digit annual net revenue growth, increasing its revenues to $10bn by FY24.
The company expects its operating margin for the year to match that of FY21.