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Williams-Sonoma, Inc. has submitted its 10-Q filing for the quarterly period ended October 27, 2024.
The filing reports a decrease in net revenues to $1,800,668,000 from $1,853,650,000 in the same quarter the previous year. The decline is attributed to reduced furniture sales, partially offset by growth in emerging brands and children's home furnishings.
Gross profit increased to $841,715,000 from $822,360,000, with a gross margin of 46.7% compared to 44.4% in the prior year. The improvement is due to higher merchandise margins and supply chain efficiencies.
Selling, general, and administrative expenses rose to $521,072,000 from $507,283,000, primarily due to increased employment and advertising expenses.
Net earnings for the quarter were $248,953,000, up from $237,285,000 in the previous year. Basic earnings per share increased to $1.99 from $1.85.
Cash provided by operating activities was $726,743,000, while cash used in investing and financing activities was $153,994,000 and $1,007,071,000, respectively.
As of October 27, 2024, Williams-Sonoma had $826,784,000 in cash and cash equivalents, with no outstanding borrowings under its revolving line of credit.
The company repurchased 3,929,491 shares of common stock during the quarter at an average price of $135.86 per share, with $292,523,000 remaining under its March 2024 stock repurchase program.
Williams-Sonoma declared cash dividends of $0.57 per share during the quarter, compared to $0.45 in the same quarter the previous year.
The filing also notes an out-of-period adjustment of $49,000,000 to correct over-recognized freight expenses from previous years, impacting the cost of goods sold.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Williams-Sonoma Inc. (DE) quarterly 10-Q report dated November 22, 2024. To report an error, please email earnings@qz.com.