Williams-Sonoma (NYSE:WSM) earnings for first quarter of 2020 have WSM stock heading higher on Friday. That’s due to its adjusted earnings per share (EPS) of 74 cents handily beating out Wall Street’s estimate of a 15-cent loss. Its revenue of $1.24 billion also comes in above analysts’ estimates of $1.02 billion.
Here’s what else is worth noting from the most recent Williams-Sonoma earnings report.
- Adjusted per-share earnings are down 8.6% compared to 81 cents during the same time last year.
- Revenue for the quarter comes in roughly the same as it was in the first quarter of 2019.
- Operating income of $48.65 million is a 34.4% drop year-over-year from $74.13 million.
- The Williams-Sonoma earnings report also has net come coming in at $35.42 million.
- That’s a 32.7% decline compared to the company’s net income of $52.66 million from the same period of the year prior.
Laura Alber, president and CEO of Williams-Sonoma, said this about the current earnings report:
“In this highly disrupted environment, we are proud to deliver 2.6% comp growth in the first quarter, despite having all of our 616 stores closed for more than half of the quarter. Our large e-commerce business had breakout comp growth in the second half of the quarter and continues to accelerate.”
Williams-Sonoma isn’t providing guidance at this time. The company attributes this to the unstable economy resulting from the novel coronavirus pandemic. Many other companies are also withholding outlooks for the same reason.
WSM stock was up 13.5% as of Friday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.