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Williams-Sonoma, Inc. (NYSE:WSM) posted better-than-expected earnings for its fourth quarter on Wednesday.
Williams-Sonoma posted quarterly earnings of $5.44 per share, beating market estimates of $5.12 per share. The company’s quarterly sales came in at $2.28 billion versus expectations of $2.23 billion, according to data from Benzinga Pro.
Comparable brand revenue for the quarter declined 6.8%. Gross margin expanded 480 basis points to 46%, and the gross profit rose 3.8% to $1.04 billion.
William-Sonoma’s Board of Directors has authorized a 26% increase in the company’s quarterly cash dividend to $1.13 per common share. The quarterly dividend is payable on May 24, 2024, to stockholders of record as of the close of business on April 19, 2024. The Board has also approved a new $1 billion stock repurchase authorization, which supersedes the company’s current stock repurchase authorization.
“We outperformed in 2023 despite the slowest housing market in several decades and geopolitical unrest,” said Laura Alber, President and Chief Executive Officer.
Williams-Sonoma said it sees FY24 net revenue growth in the range of -3% to +3%, with comps in the range of -4.5% to +1.5% and an operating margin between 16.5% to 16.8%.
Williams-Sonoma shares jumped 17.8% to close at $283.87 on Wednesday.
These analysts made changes to their price targets on Williams-Sonoma after announcing quarterly results
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Posted In: WSM