Williams-Sonoma's Brands Have Strong 2022
Home retailer Williams-Sonoma, Inc. saw comparable brand revenue grow 6.5% year-over-year, according to its fiscal year 2022 results.
Across the company’s brands, which include Williams Sonoma, Pottery Barn, Pottery Barn Kids, Pottery Barn Teen, West Elm, Williams Sonoma Home, Rejuvenation and Mark and Graham, comparable brand revenue grew 6.5% with a two-year comp of over 28%, and a three-year comp of over 45% for fiscal 2022. In the latest quarter, comparable brand revenue declined 0.6% with a two-year comp of over 10%, and a three-year comp of 36%.
Williams-Sonoma Inc. delivered a gross margin of 42.4% in fiscal 2022, impacted by higher shipping and freight costs. In Q4, gross margin was 41.2%.
“At Williams-Sonoma, Inc., we are proud that, despite the declining macro environment, we delivered another record year of revenue, with a comp of 6.5% on the topline, and record earnings of $16.54 per share,” said Laura Alber, president and CEO of Williams-Sonoma, Inc. “With our relentless focus on customer service and profitable growth, we continue to outperform our peers, gain market share, and distinguish ourselves as the world's largest digital-first, design-led, sustainable home retailer.”
In fiscal 2023, the company said it expects annual net revenue growth in the range of -3% to +3% with an operating margin between 14% to 15%. In the long-term, Williams-Sonoma, Inc. said it expects mid-to-high single-digit annual net revenue growth with operating margin above 15%.
“As we look to the long-term, we are confident in our continued ability to take market share, and to do so profitably,” added Alber. “With our culture of innovation and talent, our values, and the strength of our team, we're moving ahead with our vision of furnishing our customers everywhere. As we do, we are confident that we will continue to deliver for all our customers, employees and shareholders.”
Williams-Sonoma, Inc. operates stores in the U.S., Puerto Rico, Canada, Australia and the United Kingdom.