US-based sustainable home retailer Williams-Sonoma has reported that its comparable brand revenue for the third quarter (Q3) of fiscal 2022 (FY22) grew by 8.1%.
For the three months to 30 October, the company’s gross profit was $910.52m, while its gross margin was 41.5%, 220 basis points (bps) lower than a year earlier.
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Williams-Sonoma’s operating income for Q3 was $340m, up by 2.8% when calculated according to generally accepted accounting principles (GAAP).
The retailer’s operating income rose by 2.0% on a non-GAAP basis compared with the same period of the prior year, while its operating margin was 15.5%.
In addition, Williams-Sonoma’s diluted earnings per share (EPS) were $3.72, up by 13.1% on a GAAP basis and 12.0% on a non-GAAP basis from a year earlier.
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Williams-Sonoma president and CEO Laura Alber said: “We are proud of another strong quarter generating an 8.1% comp, or a 25% two-year comp and an almost 50% three-year comp, with record EPS growth of 12% over last year to $3.72 per share.
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By GlobalData“These results reflect the continuation of backlog order fulfilment, strong product margins and disciplined cost control.”
Williams-Sonoma has reiterated its FY22 full-year outlook of annual net revenue growth in the mid-to-high single-digits.
The company said it will not update or reiterate its guidance until FY24 due to ‘macro uncertainty’.
Alber added: “Although the macro backdrop has become more uncertain, we believe our strong positioning, growth initiatives, and culture of financial discipline will allow us to outperform in any environment.”
Earlier this year, Williams-Sonoma reported that its comparable brand revenue for the second quarter (Q2) of FY22 grew by 11.3%.
The retailer’s gross profit for the three months to 1 August was $929m, while its gross margin was 43.5%, 60 basis points (bps) lower than in Q2 2021.
