SAN FRANCISCO -- (Business Wire)
Williams-Sonoma, Inc. (NYSE: WSM) today announced operating results for
the 13 weeks ended May 5, 2013 (“Q1 13”) versus the 13 weeks ended April
29, 2012 (“Q1 12”).
Q1 13 Results
-
Net revenues grew 8.6% to $888 million versus $818 million in Q1 12
with comparable brand revenue growth of 7.2%.
-
Operating margin increased to 7.2% from 6.0% in Q1 12. Excluding
unusual business events, non-GAAP operating margin increased to 7.5%
from 6.9% in Q1 12 (see Exhibit 1).
-
Diluted earnings per share (“EPS”) grew 33% to $0.40. Excluding
unusual business events, non-GAAP EPS increased 21% to $0.41 (see
Exhibit 1).
-
Cash returned to stockholders totaled $63 million comprising $41
million in stock repurchases and $22 million in dividends.
Laura Alber, President and Chief Executive Officer commented, “Our first
quarter 2013 financial results represent our best first quarter in the
company’s history, exceeding our expectations for both operating margin
and diluted EPS, on revenue growth of 9%. We delivered these results
while simultaneously investing in our future growth strategies.”
Alber continued, “Based on our results to date and our continued
confidence in the full year, we are raising our FY 2013 revenues to a
range of $4.22 billion to $4.30 billion and our non-GAAP EPS to a range
of $2.67 to $2.77.”
Alber remarked, “In the first quarter, we reached an important new
milestone with the launch of our first company-owned stores and
e-commerce sites in Australia. We also announced today our further
global expansion into the United Kingdom later this year, and we are
excited about the opportunities we see to grow our brands globally.”
Comparable brand revenue growth in Q1 13 increased 7.2% on top of 5.4%
in Q1 12 as shown in the table below:
First Quarter Comparable Brand Revenue Growth by Concept* |
|
|
|
|
|
| | Q1 13 |
| Q1 12 |
Pottery Barn
| |
7.6
|
%
| |
9.1
|
%
|
Williams-Sonoma
| |
1.9
|
%
| |
(4.3
|
%)
|
Pottery Barn Kids
| |
6.9
|
%
| |
(0.8
|
%)
|
West Elm
| |
11.8
|
%
| |
22.1
|
%
|
PBteen
| |
16.1
|
%
| |
(6.0
|
%)
|
Total | | 7.2 | % | | 5.4 | % |
*
|
|
|
See the company’s 10-K and 10-Q filings for the definition of
comparable brand revenue growth.
|
| | |
|
Direct-to-customer (“DTC”) net revenues in Q1 13 increased 11.9% to $419
million from $374 million in Q1 12 with increases across all brands.
This growth was primarily led by Pottery Barn, West Elm, Williams-Sonoma
and Pottery Barn Kids. DTC net revenues generated 47% of total company
net revenues in Q1 13 versus 46% in Q1 12.
Retail net revenues in Q1 13 increased 5.8% to $469 million from $443
million in Q1 12, driven primarily by our international franchise
operations, Pottery Barn and West Elm, partially offset by a decrease in
Williams-Sonoma. Including six net new stores within Q1 13, retail
leased square footage increased 2.0% from the end of Q1 12.
Operating margin, including unusual business events, in Q1 13 was 7.2%
versus 6.0% in Q1 12. Excluding unusual business events, non-GAAP
operating margin in Q1 13 was 7.5% versus 6.9% last year:
-
Gross margin decreased 20 basis points to 37.6% from 37.8% in Q1 12.
-
Selling, general and administrative (“SG&A”) expenses were $270
million or 30.5% of net revenues versus $260 million or 31.8% in Q1
12. Excluding the 40 basis point impact related to unusual business
events in Q1 13 and the 90 basis point impact related to unusual
business events in Q1 12, non-GAAP SG&A expenses were $267 million or
30.1% in Q1 13 versus $253 million or 30.9% in Q1 12.
EPS in Q1 13 increased 33% to $0.40 from $0.30 in Q1 12. Excluding
unusual business events, non-GAAP EPS in Q1 13 increased 21% to $0.41
from $0.34 in Q1 12.
Merchandise inventories at the end of Q1 13 increased 12.8% to $662
million versus $586 million at the end of Q1 12.
STOCK REPURCHASE PROGRAM
During Q1 13, we repurchased 800,882 shares of common stock at an
average cost of $51.41 per share and a total cost of approximately $41
million. As of May 5, 2013, there was $709 million remaining under the
three-year $750 million stock repurchase program announced in March 2013.
FY 13 FINANCIAL GUIDANCE
- Second Quarter 2013 Guidance (13 weeks)
-
Net revenues in the second quarter of fiscal 2013 (“Q2 13”) are
expected to be in the range of $920 million to $940 million.
-
Comparable brand revenue growth in Q2 13 is expected to be in the
range of 4% to 6%.
-
Diluted EPS in Q2 13 is expected to be in the range of $0.43 to $0.46.
- Fiscal Year 2013 Guidance (52 weeks)
|
|
|
| | FY 13 GUID |
Total Net Revenues (millions)
| |
$4,220 - $4,300
|
Comparable Brand Revenue Growth
(52-week vs. 52-week)
| |
4 - 6 %
|
Operating Margin
| |
10.0 - 10.3 %
|
Diluted EPS
| |
$2.67 - $2.77
|
Income Tax Rate
| |
38.2 - 38.6 %
|
Capital Spending (millions)
| |
$200 - $220
|
Depreciation and Amortization (millions)
| |
$150 - $160
|
- Fiscal Year 2013 Store Opening and Closing Guidance by Retail
Concept
|
|
|
| | FY 12 ACT |
| FY 13 GUID |
| | |
Retail Concept | | Total | | New |
| Close |
| End |
Williams-Sonoma
| |
253
| |
7
|
| |
(15
|
)
| |
245
|
Pottery Barn
| |
192
| |
6
|
| |
(4
|
)
| |
194
|
Pottery Barn Kids
| |
84
| |
4
|
| |
(5
|
)
| |
83
|
West Elm
| |
48
| |
11
|
| |
(1
|
)
| |
58
|
Rejuvenation
| |
4
| |
-
|
| |
-
|
| |
4
|
Total | | 581 | | 28 |
| | (25 | ) | | 584 |
| | | | | | | | | |
|
CONFERENCE CALL AND WEBCAST INFORMATION
Williams-Sonoma, Inc. will host a live conference call today, May 23,
2013, at 2:00 P.M. (PT). The call, hosted by Laura Alber, President and
Chief Executive Officer, will be open to the general public via live
webcast and can be accessed at www.williams-sonomainc.com/webcast.
A replay of the webcast will be available at www.williams-sonomainc.com/webcast.
SEC REGULATION G -- NON-GAAP INFORMATION
This press release includes non-GAAP SG&A, operating margin and diluted
EPS. These non-GAAP financial measures exclude the impact of employee
separation charges. We have reconciled these non-GAAP financial measures
with the most directly comparable GAAP financial measures in the text of
this release and in Exhibit 1. We believe that these non-GAAP financial
measures provide meaningful supplemental information for investors
regarding the performance of our business and facilitate a meaningful
evaluation of our quarterly diluted EPS actual results and FY 13
guidance on a comparable basis with our quarterly and FY 12 results. Our
management uses these non-GAAP financial measures in order to have
comparable financial results to analyze changes in our underlying
business from quarter to quarter. These non-GAAP measures should be
considered as a supplement to, and not as a substitute for, or superior
to, financial measures calculated in accordance with GAAP.
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements that involve
risks and uncertainties, as well as assumptions that, if they do not
fully materialize or prove incorrect, could cause our results to differ
materially from those expressed or implied by such forward-looking
statements. Such forward-looking statements include statements relating
to: our growth potential; our growth strategies; our global expansion;
our future financial guidance, including Q2 13 and fiscal year 2013
guidance; our three year stock repurchase program; our proposed store
openings and closures; and our beliefs regarding non-GAAP financial
measures.
The risks and uncertainties that could cause our results to differ
materially from those expressed or implied by such forward-looking
statements include: accounting adjustments as we close our books for Q1
13; recent changes in general economic conditions, and the impact on
consumer confidence and consumer spending; new interpretations of or
changes to current accounting rules; our ability to anticipate consumer
preferences and buying trends; dependence on timely introduction and
customer acceptance of our merchandise; changes in consumer spending
based on weather, political, competitive and other conditions beyond our
control; delays in store openings; competition from companies with
concepts or products similar to ours; timely and effective sourcing of
merchandise from our foreign and domestic vendors and delivery of
merchandise through our supply chain to our stores and customers;
effective inventory management; our ability to manage customer returns;
successful catalog management, including timing, sizing and
merchandising; uncertainties in e-marketing, infrastructure and
regulation; multi-channel and multi-brand complexities; our ability to
introduce new brands and brand extensions; dependence on external
funding sources for operating capital; disruptions in the financial
markets; our ability to control employment, occupancy and other
operating costs; our ability to improve our systems and processes;
changes to our information technology infrastructure; general political,
economic and market conditions and events, including war, conflict or
acts of terrorism; and other risks and uncertainties described more
fully in our public announcements, reports to stockholders and other
documents filed with or furnished to the SEC, including our Annual
Report on Form 10-K for the fiscal year ended February 3, 2013 and all
subsequent current reports on Form 8-K. All forward-looking statements
in this press release are based on information available to us as of the
date hereof, and we assume no obligation to update these forward-looking
statements.
ABOUT WILLIAMS-SONOMA, INC.
Williams-Sonoma, Inc. is a specialty retailer of high-quality products
for the home. These products, representing eight distinct merchandise
strategies – Williams-Sonoma (cookware
and wedding
registry), Pottery Barn (furniture
and wedding
registry), Pottery Barn Kids (kids’
furniture and baby
registry), PBteen (girls’
bedding and boys’
bedding), West Elm (modern
furniture and room
decor), Williams-Sonoma Home (luxury
furniture and decorative
accessories), Rejuvenation (lighting
and hardware)
and Mark and Graham (personalized
gifts and gifts
for the home) – are marketed through e-commerce websites, direct
mail catalogs and 587 stores. Williams-Sonoma, Inc. currently operates
in the United States, Canada and Australia, offers international
shipping to customers worldwide, and has an unaffiliated franchisee that
operates 24 stores in the Middle East.
|
WILLIAMS-SONOMA, INC. CONDENSED CONSOLIDATED
STATEMENTS OF EARNINGS (UNAUDITED) THIRTEEN WEEKS
ENDED MAY 5, 2013 AND APRIL 29, 2012 (DOLLARS AND
SHARES IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) |
|
| |
| | |
| |
| | |
| | FIRST QUARTER | |
| | 2013 | | | 2012 | |
| | (13 Weeks) | | | (13 Weeks) | |
| | $ | | % of Revenues | | | $ | | % of Revenues | |
| | | | | | | | | |
|
Direct-to-customer net revenues
| |
$
|
419,084
| | |
47.2
|
%
| |
$
|
374,407
| | |
45.8
|
%
|
Retail net revenues
| |
|
468,724
|
| |
52.8
| | |
|
443,207
|
| |
54.2
| |
Net revenues | | | 887,808 | | | 100.0 | | | | 817,614 | | | 100.0 | |
| | | | | | | | | |
|
Cost of goods sold
| |
|
553,623
|
| |
62.4
| | |
|
508,348
|
| |
62.2
| |
| | | | | | | | | |
|
Gross margin | | | 334,185 | | | 37.6 | | | | 309,266 | | | 37.8 | |
| | | | | | | | | |
|
Selling, general and administrative expenses
| |
|
270,402
|
| |
30.5
| | |
|
259,943
|
| |
31.8
| |
| | | | | | | | | |
|
Operating income | | | 63,783 | | | 7.2 | | | | 49,323 | | | 6.0 | |
Interest (income), net
| |
|
(189
|
)
| |
-
| | |
|
(191
|
)
| |
-
| |
| | | | | | | | | |
|
Earnings before income taxes | | | 63,972 | | | 7.2 | | | | 49,514 | | | 6.1 | |
Income taxes
| |
|
24,506
|
| |
2.8
| | |
|
18,798
|
| |
2.3
| |
| | | | | | | | | |
|
Net earnings | | $ | 39,466 |
| | 4.4 | % | | $ | 30,716 |
| | 3.8 | % |
| | | | | | | | | |
|
Earnings per share: | | | | | | | | | | |
Basic
| |
$
|
0.40
| | | | | |
$
|
0.31
| | | | |
Diluted
| |
$
|
0.40
| | | | | |
$
|
0.30
| | | | |
| | | | | | | | | |
|
Shares used in calculation of earnings per share: | | | | | | | | | | |
Basic
| | |
97,704
| | | | | | |
100,172
| | | | |
Diluted
| | |
99,515
| | | | | | |
101,956
| | | | |
| | | | | | | | | | | | | |
|
WILLIAMS-SONOMA, INC. CONDENSED CONSOLIDATED BALANCE
SHEETS (UNAUDITED) (DOLLARS IN THOUSANDS) |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| |
| | | | | | | | | May 5, 2013 | | | | | | | | | February 3, 2013 | | | | | | | | | April 29, 2012 |
Assets | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current assets
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
| | | | | | | | |
$
|
252,536
| | | | | | | | |
$
|
424,555
| | | | | | | | |
$
|
376,464
|
Restricted cash
| | | | | | | | | |
16,061
| | | | | | | | | |
16,055
| | | | | | | | | |
14,737
|
Accounts receivable, net
| | | | | | | | | |
60,667
| | | | | | | | | |
62,985
| | | | | | | | | |
47,688
|
Merchandise inventories, net
| | | | | | | | | |
661,541
| | | | | | | | | |
640,024
| | | | | | | | | |
586,270
|
Prepaid catalog expenses
| | | | | | | | | |
36,407
| | | | | | | | | |
37,231
| | | | | | | | | |
34,308
|
Prepaid expenses
| | | | | | | | | |
52,695
| | | | | | | | | |
26,339
| | | | | | | | | |
32,975
|
Deferred income taxes, net
| | | | | | | | | |
99,739
| | | | | | | | | |
99,764
| | | | | | | | | |
91,774
|
Other assets
| | | | | | | | |
|
9,434
| | | | | | | | |
|
9,819
| | | | | | | | |
|
8,606
|
Total current assets | | | | | | | | | | 1,189,080 | | | | | | | | | | 1,316,772 | | | | | | | | | | 1,192,822 |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Property and equipment, net
| | | | | | | | | |
817,249
| | | | | | | | | |
812,037
| | | | | | | | | |
726,133
|
Non-current deferred income taxes, net
| | | | | | | | | |
10,738
| | | | | | | | | |
12,398
| | | | | | | | | |
11,764
|
Other assets, net
| | | | | | | | |
|
46,152
| | | | | | | | |
|
46,472
| | | | | | | | |
|
38,847
|
Total assets | | | | | | | | | $ | 2,063,219 | | | | | | | | | $ | 2,187,679 | | | | | | | | | $ | 1,969,566 |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Liabilities and stockholders' equity | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current liabilities
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts payable
| | | | | | | | |
$
|
211,086
| | | | | | | | |
$
|
259,162
| | | | | | | | |
$
|
189,660
|
Accrued salaries, benefits and other
| | | | | | | | | |
84,886
| | | | | | | | | |
120,632
| | | | | | | | | |
77,732
|
Customer deposits
| | | | | | | | | |
222,018
| | | | | | | | | |
207,415
| | | | | | | | | |
197,347
|
Income taxes payable
| | | | | | | | | |
13,377
| | | | | | | | | |
41,849
| | | | | | | | | |
30,805
|
Current portion of long-term debt
| | | | | | | | | |
1,696
| | | | | | | | | |
1,724
| | | | | | | | | |
1,652
|
Other liabilities
| | | | | | | | |
|
27,207
| | | | | | | | |
|
26,345
| | | | | | | | |
|
23,510
|
Total current liabilities | | | | | | | | | | 560,270 | | | | | | | | | | 657,127 | | | | | | | | | | 520,706 |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Deferred rent and lease incentives
| | | | | | | | | |
172,312
| | | | | | | | | |
171,198
| | | | | | | | | |
179,064
|
Long-term debt
| | | | | | | | | |
3,753
| | | | | | | | | |
3,753
| | | | | | | | | |
5,450
|
Other long-term obligations
| | | | | | | | |
|
44,666
| | | | | | | | |
|
46,463
| | | | | | | | |
|
48,112
|
Total liabilities | | | | | | | | | | 781,001 | | | | | | | | | | 878,541 | | | | | | | | | | 753,332 |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Stockholders' equity
| | | | | | | | |
|
1,282,218
| | | | | | | | |
|
1,309,138
| | | | | | | | |
|
1,216,234
|
Total liabilities and stockholders' equity | | | | | | | | | $ | 2,063,219 | | | | | | | | | $ | 2,187,679 | | | | | | | | | $ | 1,969,566 |
ADDITIONAL INFORMATION |
|
| Store Count |
| Average Leased Square Footage Per Store |
Retail Concept | | February 3, 2013 |
| Openings |
| Closings |
| May 5, 2013 |
| April 29, 2012 | | May 5, 2013 |
| April 29, 2012 |
Williams-Sonoma
| |
253
| |
4
| |
(3)
| |
254
| |
259
| |
6,600
| |
6,500
|
Pottery Barn
| |
192
| |
4
| |
(1)
| |
195
| |
193
| |
13,800
| |
13,900
|
Pottery Barn Kids
| |
84
| |
2
| |
(1)
| |
85
| |
82
| |
8,100
| |
8,200
|
West Elm
| |
48
| |
1
| |
-
| |
49
| |
38
| |
14,800
| |
16,600
|
Rejuvenation
| | 4 | | - | | - | | 4 | | 3 | | 13,200 | | 17,200 |
Total | | 581 | | 11 | | (5) | | 587 | | 575 | | 9,900 | | 10,000 |
| | | |
|
| | Total Store Square Footage | | |
| | February 3, 2013 | | | | | | May 5, 2013 | | April 29, 2012 | | |
Total store selling square footage
| |
3,548,000
| | | | | |
3,586,000
| |
3,522,000
| | |
Total store leased square footage
| |
5,778,000
| | | | | |
5,840,000
| |
5,725,000
| | |
| | | | | | | | | | | |
|
WILLIAMS-SONOMA, INC. CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS (UNAUDITED) THIRTEEN WEEKS
ENDED MAY 5, 2013 AND APRIL 29, 2012 (DOLLARS IN
THOUSANDS) |
|
| |
| |
| | YEAR-TO-DATE |
| | 2013 | | 2012 |
| | (13 Weeks) | | (13 Weeks) |
Cash flows from operating activities | | | | |
Net earnings
| |
$
|
39,466
| | |
$
|
30,716
| |
| | | |
|
Adjustments to reconcile net earnings to net cash | | | | |
provided by (used in) operating activities: | | | | |
Depreciation and amortization
| | |
36,609
| | | |
32,794
| |
Loss on sale/disposal of assets
| | |
360
| | | |
362
| |
Amortization of deferred lease incentives
| | |
(6,353
|
)
| | |
(6,563
|
)
|
Deferred income taxes
| | |
(3,431
|
)
| | |
(3,172
|
)
|
Tax benefit from exercise of stock-based awards
| | |
9,186
| | | |
7,668
| |
Excess tax benefit from exercise of stock-based awards
| | |
(4,047
|
)
| | |
(4,152
|
)
|
Stock-based compensation expense
| | |
8,991
| | | |
7,993
| |
Changes in: | | | | |
Accounts receivable
| | |
1,512
| | | |
(1,627
|
)
|
Merchandise inventories
| | |
(21,537
|
)
| | |
(32,571
|
)
|
Prepaid catalog expenses
| | |
824
| | | |
(14
|
)
|
Prepaid expenses and other assets
| | |
(25,863
|
)
| | |
(9,695
|
)
|
Accounts payable
| | |
(52,345
|
)
| | |
(25,317
|
)
|
Accrued salaries, benefits and other current and long-term
liabilities
| | |
(37,028
|
)
| | |
(36,135
|
)
|
Customer deposits
| | |
14,691
| | | |
6,827
| |
Deferred rent and lease incentives
| | |
7,613
| | | |
3,783
| |
Income taxes payable
| |
|
(28,470
|
)
| |
|
8,366
|
|
Net cash used in operating activities | |
| (59,822 | ) | |
| (20,737 | ) |
| | | |
|
Cash flows from investing activities: | | | | |
Purchases of property and equipment
| | |
(47,444
|
)
| | |
(27,819
|
)
|
Proceeds from insurance reimbursement
| | |
760
| | | |
-
| |
Other
| |
|
26
|
| |
|
34
|
|
Net cash used in investing activities | |
| (46,658 | ) | |
| (27,785 | ) |
| | | |
|
Cash flows from financing activities: | | | | |
Repurchase of common stock
| | |
(41,174
|
)
| | |
(61,733
|
)
|
Payment of dividends
| | |
(21,985
|
)
| | |
(22,136
|
)
|
Repayments of long-term obligations
| | |
(28
|
)
| | |
(171
|
)
|
Proceeds from exercise of stock-based awards
| | |
3,767
| | | |
8,275
| |
Tax withholdings related to stock-based awards
| | |
(9,384
|
)
| | |
(6,866
|
)
|
Excess tax benefit from exercise of stock-based awards
| |
|
4,047
|
| |
|
4,152
|
|
Net cash used in financing activities | |
| (64,757 | ) | |
| (78,479 | ) |
| | | |
|
Effect of exchange rates on cash and cash equivalents
| | |
(782
|
)
| | |
708
| |
Net decrease in cash and cash equivalents
| | |
(172,019
|
)
| | |
(126,293
|
)
|
Cash and cash equivalents at beginning of period
| |
|
424,555
|
| |
|
502,757
|
|
Cash and cash equivalents at end of period | | $ | 252,536 |
| | $ | 376,464 |
|
| | | | | | | |
|
Exhibit 1 Reconciliation of Q1 13 and Q1 12 Actual GAAP to Non-GAAP Operating Margin By Segment* |
(Dollars in thousands)
|
|
|
|
|
|
|
|
|
|
| | DTC |
| RETAIL |
| UNALLOCATED |
| TOTAL |
| | Q1 13 |
| Q1 12 | | Q1 13 |
| Q1 12 | | Q1 13 |
| Q1 12 | | Q1 13 |
| Q1 12 |
Net Revenues
| |
$
|
419,084
| |
$
|
374,407
| |
$
|
468,724
| |
$
|
443,207
| |
$
|
-
| |
$
|
-
| |
$
|
887,808
| |
$
|
817,614
|
GAAP Operating Income/(Expense)
| |
|
95,941
| |
|
77,955
| |
|
34,016
| |
|
34,353
| |
|
(66,174)
| |
|
(62,985)
| |
|
63,783
| |
|
49,323
|
GAAP Operating Margin
| |
|
22.9%
| |
|
20.8%
| |
|
7.3%
| |
|
7.8%
| |
|
(7.5%)
| |
|
(7.7%)
| |
|
7.2%
| |
|
6.0%
|
Unusual Business Events (Notes 1 and 2)
| |
|
-
| |
|
-
| |
|
-
| |
|
-
| |
|
2,936
| |
|
6,990
| |
|
2,936
| |
|
6,990
|
Non-GAAP Operating Income/(Expense) Excluding Unusual Business Events
| |
$
|
95,941
| |
$
|
77,955
| |
$
|
34,016
| |
$
|
34,353
| |
$
|
(63,238)
| |
$
|
(55,995)
| |
$
|
66,719
| |
$
|
56,313
|
Non-GAAP Operating Margin (Note 3)
| |
|
22.9%
| |
|
20.8%
| |
|
7.3%
| |
|
7.8%
| |
|
(7.1%)
| |
|
(6.8%)
| |
|
7.5%
| |
|
6.9%
|
*
|
|
|
See the company’s 10-K and 10-Q filings for additional information
on segment reporting and for the definition of Operating
Income/(Expense) and Operating Margin.
|
| | |
|
Reconciliation of FY 13 Guidance and FY 12 Actual GAAP to
Non-GAAP Diluted Earnings Per Share* (Totals rounded to the
nearest cent per diluted share)
|
|
|
|
|
|
|
|
| | Q1 13 ACT |
| Q2 13 GUID |
| FY 13 GUID |
| | (13 Weeks) | | (13 Weeks) | | (52 Weeks) |
2013 GAAP Diluted EPS | | $0.40 | | $0.43 - $0.46 | | $2.66 - $2.76 |
Impact of Employee Separation Charges (Note 1)
| |
$0.02
| |
-
| |
$0.02
|
2013 Non-GAAP Diluted EPS Excluding Unusual Business Events (Note
3)** | | $0.41 | | $0.43 - $0.46 | | $2.67 - $2.77 |
| |
|
|
|
|
|
| | Q1 12 ACT | | Q2 12 ACT | | FY 12 ACT |
| | (13 Weeks) | | (13 Weeks) | | (53 Weeks) |
2012 GAAP Diluted EPS | | $0.30 | | $0.43 | | $2.54 |
Impact of Employee Separation Charges (Note 2)
| |
$0.04
| |
-
| |
$0.04
|
2012 Non-GAAP Diluted EPS Excluding Unusual Business Events
(Note 3) | | $0.34 | | $0.43 | | $2.58 |
*
|
|
|
Due to the differences between quarterly share counts and the
effect of quarterly rounding to the nearest cent per diluted
share, the year-to-date calculation of GAAP and non-GAAP diluted
EPS may not equal the sum of the quarters.
|
| | |
|
**
| | |
Due to rounding to the nearest cent per diluted share, totals may
not equal the sum of the line items in the table above.
|
| | |
|
Note 1:
| | |
Impact of Employee Separation Charges – During Q1 13, we incurred
charges of approximately $0.02 per diluted share associated with the
previously announced retirement of the former President of the
Williams-Sonoma brand. These charges were recorded within the
unallocated segment.
|
| | |
|
Note 2:
| | |
Impact of Employee Separation Charges – During Q1 12 and FY 12, we
incurred charges of approximately $0.04 per diluted share primarily
associated with the previously announced retirement of our former
Executive Vice President, Chief Operating and Chief Financial
Officer. These charges were recorded within the unallocated segment.
|
| | |
|
Note 3:
| | |
SEC Regulation G – Non-GAAP Information – These tables include
non-GAAP financial measures, Non-GAAP Operating Margin and Diluted
EPS Excluding Unusual Business Events. We believe that these
non-GAAP financial measures provide meaningful supplemental
information for investors regarding the performance of our business
and facilitate a meaningful evaluation of our quarterly and FY 13
operating margin and diluted EPS actual results and guidance on a
comparable basis with our quarterly and FY 12 actual results. Our
management uses these non-GAAP financial measures in order to have
comparable financial results to analyze changes in our underlying
business from quarter to quarter. These non-GAAP financial measures
should be considered as a supplement to, and not as a substitute
for, or superior to, financial measures calculated in accordance
with GAAP.
|
Contacts:
WILLIAMS-SONOMA, INC.
Julie P. Whalen, 415-616-8524
EVP, Chief
Financial Officer
-or-
Stephen C. Nelson, 415-616-8754
VP,
Investor Relations
-or-
Gabrielle L. Rabinovitch, 415-616-7727
Director,
Investor Relations
Source: Williams-Sonoma, Inc.
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