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Williams-Sonoma, Inc. reports strong second quarter 2018 results

Net revenue growth of 6.1%, with comparable brand revenue growth of 4.6%
GAAP diluted EPS of $0.62; non-GAAP diluted EPS of $0.77 driven by gross margin expansion
Raises 2018 full-year guidance

Category:

8/22/18 1:15 PDT

Dateline:

SAN FRANCISCO

Public Company Information:

NYSE:
WSM

SAN FRANCISCO--(BUSINESS WIRE)--Williams-Sonoma, Inc. (NYSE: WSM) today announced operating results for the second fiscal quarter (“Q2 18”) ended July 29, 2018 versus the second fiscal quarter (“Q2 17”) ended July 30, 2017.

KEY HIGHLIGHTS

2 nd Quarter 2018

  • Net revenue growth of 6.1%
  • Comparable brand revenue growth of 4.6%
  • E-commerce net revenue growth accelerates to 53.9% of total company net revenues
  • GAAP operating margin of 5.8%; non-GAAP operating margin of 6.8% in-line with Q2 17
  • GAAP diluted EPS of $0.62; non-GAAP diluted EPS of $0.77 outperforms guidance, driven by gross margin expansion
  • Merchandise inventories growth of 2.5%, significantly below net revenue growth

Fiscal Year 2018 Guidance

  • Non-GAAP net revenue guidance raised to $5,565 billion – $5,665 billion
  • Comparable brand revenue growth raised at the low end to 3.0% - 5.0%
  • Non-GAAP operating margin raised at the low end to 8.4% - 9.0%
  • Non-GAAP diluted EPS raised to $4.26 - $4.36

Laura Alber, President and Chief Executive Officer, commented, “Today, we are announcing another quarter of strong results with topline growth at the high-end of guidance, gross margin significantly above last year and a substantial EPS outperformance. Our powerful multi-channel, multi-brand platform, together with our strong execution of our strategic initiatives in digital leadership, product innovation, retail transformation and operational excellence are having a positive impact on all parts of our business. Given the results in the first half and the momentum our initiatives are creating, we are raising our full-year guidance for net revenues, comp revenue growth, operating margin and EPS.”

2 nd QUARTER 2018 RESULTS

Net revenues increased 6.1% to $1.275 billion in Q2 18 from $1.202 billion in Q2 17. Excluding certain discrete items, non-GAAP net revenues were $1.274 billion in Q2 18 or a 6.1% increase over Q2 17. See Exhibit 1.

Comparable brand revenue in Q2 18 increased 4.6% compared to an increase of 2.8% in Q2 17 as shown in the table below:

2 nd Quarter Comparable Brand Revenue Growth (Decline) by Concept*

 
  Q2 18   Q2 17
Pottery Barn 2.0%   1.2%
West Elm 9.5% 10.1%
Williams Sonoma 1.6% 1.9%
Pottery Barn Kids and Teen 5.7%   (2.7%)
Total 4.6%   2.8%

*See the Company’s 10-K and 10-Q filings for the definition of comparable brand revenue.

 

E-commerce net revenues in Q2 18 increased 8.9% to $687 million from $631 million in Q2 17. Excluding certain discrete items, non-GAAP e-commerce net revenues were $686 million in Q2 18 or an 8.8% increase over Q2 17. See Exhibit 1.

Retail net revenues in Q2 18 increased 3.1% to $588 million from $571 million in Q2 17.

Operating margin in Q2 18 was 5.8% compared to 6.8% in Q2 17. Excluding certain discrete items, non-GAAP operating margin was 6.8% in Q2 18. See Exhibit 1.

     

-

Gross margin was 36.4% in Q2 18 versus 35.2% in Q2 17. Excluding certain discrete items, non-GAAP gross margin was 36.5% in Q2 18. See Exhibit 1.
 

-

Selling, general and administrative (“SG&A”) expenses were $390 million, or 30.6% of net revenues in Q2 18, versus $341 million, or 28.4% of net revenues in Q2 17. Excluding certain discrete items, non-GAAP SG&A expenses were $379 million, or 29.7% of net revenues in Q2 18. See Exhibit 1.

The effective income tax rate in Q2 18 was 28.8% versus 34.8% in Q2 17. Excluding certain discrete items, the non-GAAP effective income tax rate was 24.5% in Q2 18. See Exhibit 1.

EPS in Q2 18 was $0.62 versus $0.61 in Q2 17. Excluding certain discrete items, non-GAAP EPS was $0.77 in Q2 18. See Exhibit 1.

Merchandise inventories at the end of Q2 18 increased 2.5% to $1.100 billion from $1.073 billion at the end of Q2 17.

These results include the adoption of ASU No. 2014-09, which pertains to revenue recognition. See Exhibit 2 for more details on the financial impact of adoption.

STOCK REPURCHASE PROGRAM

During Q2 18, we repurchased 2,409,000 shares of common stock at an average cost of $56.90 per share for a total cost of approximately $137 million. As of July 29, 2018, there was approximately $344 million remaining under our current stock repurchase program.

 

FISCAL YEAR 2018 FINANCIAL GUIDANCE

   

3 rd Quarter 2018 Financial Guidance*

 

Non-GAAP Total Net Revenues (millions)

$1,355 – $1,380

Comparable Brand Revenue Growth

3.0% – 5.0%

Non-GAAP Diluted EPS

$0.90 – $0.95

 
   

Fiscal Year 2018 Financial Guidance*

 
Non-GAAP Total Net Revenues (millions) $5,565 – $5,665
Comparable Brand Revenue Growth 3.0% – 5.0%
Non-GAAP Operating Margin 8.4% – 9.0%
Non-GAAP Diluted EPS $4.26 – $4.36
Non-GAAP Income Tax Rate 24.0% – 26.0%
Capital Spending (millions) $200 – $220
Depreciation and Amortization (millions) $185 – $195

*We have not provided a reconciliation of non-GAAP guidance measures to the corresponding GAAP
measures on a forward-looking basis due to the potential variability of discrete items.

 

Store Opening and Closing Guidance by Retail Concept**

 
FY 2017 ACTUAL FY 2018 GUIDANCE
  Total New Close End
Williams Sonoma 228 5 (15) 218
Pottery Barn 203 6 (3) 206
West Elm 106 9 (3) 112
Pottery Barn Kids 86 - (9) 77
Rejuvenation 8 2 - 10
Total 631 22 (30) 623

** Included in the FY 17 store count are 19 stores in Australia and two stores in the UK. FY 18 guidance includes one
additional UK store.

CONFERENCE CALL AND WEBCAST INFORMATION

Williams-Sonoma, Inc. will host a live conference call today, August 22, 2018, 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 http://ir.williams-sonomainc.com/events. A replay of the webcast will be available at http://ir.williams-sonomainc.com/events.

SEC REGULATION G NON-GAAP INFORMATION

This press release includes non-GAAP financial measures. Exhibit 1 provides reconciliations of these non-GAAP financial measures to the most comparable financial measures calculated and presented in accordance with accounting principles generally accepted in the U.S. (“GAAP”). We believe that these non-GAAP financial measures, when reviewed in conjunction with GAAP financial measures, can provide meaningful supplemental information for investors regarding the performance of our business and facilitate a meaningful evaluation of current period performance on a comparable basis with prior periods. 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 the GAAP financial measures presented in this press release and our financial statements and other publicly filed reports. Non-GAAP financial measures as presented herein may not be comparable to similarly titled measures used by other companies.

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 are proven 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 ability to continue to successfully execute our strategic iniatives; our optimism about the future; our ability to drive long-term profitable growth; our future financial guidance, including Q3 18 and FY 2018 guidance; our stock repurchase program; and our proposed store openings and closures.

The risks and uncertainties that could cause our results to differ materially from those expressed or implied by such forward-looking statements include: continuing changes in general economic conditions, and the impact on consumer confidence and consumer spending; new interpretations of or changes to current accounting rules or tax regulations; the potential impact of tariffs, including our ability to mitigate the potential impact; 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; challenges associated with our increasing global presence; 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 January 28, 2018 and all subsequent quarterly reports on Form 10-Q and 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 distinct merchandise strategies — Williams Sonoma, Pottery Barn, Pottery Barn Kids, West Elm, PBteen, Williams Sonoma Home, Rejuvenation, and Mark and Graham — are marketed through e-commerce websites, direct-mail catalogs and retail stores. These brands are also part of The Key Rewards, our free-to-join loyalty program that offers members exclusive benefits across the Williams-Sonoma family of brands. We operate in the U.S., Puerto Rico, Canada, Australia and the United Kingdom, offer international shipping to customers worldwide, and have unaffiliated franchisees that operate stores in the Middle East, the Philippines, Mexico and South Korea, as well as e-commerce websites in certain locations. In 2017, we acquired Outward, Inc., a 3-D imaging and augmented reality platform for the home furnishings and décor industry.

 
Williams-Sonoma, Inc.
Condensed Consolidated Statements of Earnings
(unaudited)
 
  Thirteen Weeks Ended   Twenty-six Weeks Ended
July 29, 2018   July 30, 2017 July 29, 2018   July 30, 2017
 

% of
Revenues

 

% of
Revenues

 

% of
Revenues

 

% of
Revenues

In thousands, except per share amounts   $     $     $     $  
E-commerce net revenues 686,942 53.9% 630,793 52.5% 1,333,122 53.8% 1,211,303 52.4%
Retail net revenues   588,232   46.1% 570,813   47.5% 1,145,052   46.2% 1,101,810   47.6%
Net revenues 1,275,174 100.0% 1,201,606 100.0% 2,478,174 100.0% 2,313,113 100.0%
Cost of goods sold   811,232   63.6% 778,895   64.8% 1,582,068   63.8% 1,494,642   64.6%
Gross profit 463,942 36.4% 422,711 35.2% 896,106 36.2% 818,471 35.4%
Selling, general and administrative expenses   389,776   30.6% 341,127   28.4% 755,390   30.5% 674,413   29.2%
Operating income 74,166 5.8% 81,584 6.8% 140,716 5.7% 144,058 6.2%
Interest expense, net   1,584   0.1% 483   - 2,785   0.1% 380   -
Earnings before income taxes 72,582 5.7% 81,101 6.7% 137,931 5.6% 143,678 6.2%
Income taxes   20,869   1.6% 28,184   2.3% 41,050   1.7% 51,206   2.2%
Net earnings   51,713   4.1% 52,917   4.4% 96,881   3.9% 92,472   4.0%
Earnings per share (EPS):
Basic $0.63 $0.61 $1.17 $1.07
Diluted   $0.62       $0.61       $1.16       $1.06    
Shares used in calculation of EPS:
Basic 82,342 86,429 82,867 86,696
Diluted   83,167       86,848       83,519       87,238    
 
Williams-Sonoma, Inc.
Condensed Consolidated Balance Sheets
(unaudited)
 
  July 29,   January 28,   July 30,
In thousands, except per share amounts     2018     2018     2017
ASSETS
Current assets
Cash and cash equivalents

$

$174,580

$

$390,136

$

$103,109
Accounts receivable, net 106,322 90,119 78,735
Merchandise inventories, net 1,099,888 1,061,593 1,072,976
Prepaid catalog expenses 20,517 20,881
Prepaid expenses 74,811 62,204 76,611
Other current assets     21,891     11,876     12,066
Total current assets     1,477,492     1,636,445     1,364,378
Property and equipment, net 919,689 932,283 929,331
Deferred income taxes, net 60,960 67,306 130,212
Goodwill 85,673 18,838 18,773
Other long-term assets, net     64,163     130,877     37,166
Total assets  

$

$2,607,977

 

$

$2,785,749

 

$

$2,479,860
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable

$

$466,903

$

$457,144

$

$427,474
Accrued expenses 112,381 134,207 97,965
Gift card and other deferred revenue 263,546 300,607 294,694
Borrowings under revolving line of credit 115,000
Income taxes payable 35,529 56,783 35,582
Other current liabilities     69,589     59,082     49,355
Total current liabilities     947,948     1,007,823     1,020,070
Deferred rent and lease incentives 207,190 202,134 196,982
Long-term debt 299,521 299,422
Other long-term obligations     72,330     72,804     74,284
Total liabilities     1,526,989     1,582,183     1,291,336
Stockholders’ equity
Preferred stock: $.01 par value; 7,500 shares authorized; none issued

Common stock: $.01 par value; 253,125 shares authorized; 80,988, 83,726 and 85,754 shares issued and outstanding at July 29, 2018,
January 28, 2018 and July 30, 2017, respectively

810 837 858
Additional paid-in capital 561,810 562,814 556,702
Retained earnings 528,368 647,422 640,368
Accumulated other comprehensive loss (9,742) (6,782) (8,599)
Treasury stock, at cost     (258)     (725)     (805)
Total stockholders’ equity     1,080,988     1,203,566     1,188,524
Total liabilities and stockholders’ equity  

$

$2,607,977

 

$

$2,785,749

 

$

$2,479,860
 
Retail Store Data
(unaudited)
                   
    April 29, 2018   Openings   Closings   July 29, 2018   July 30, 2017
Williams Sonoma 224   4   (2)   226   234
Pottery Barn 203 2 205 204
West Elm 108 3 (2) 109 101
Pottery Barn Kids 84 84 88
Rejuvenation   8       8   8
Total   627   9   (4)   632   635
 
Williams-Sonoma, Inc.
Condensed Consolidated Statements of Cash Flows
(unaudited)
 
  Twenty-six
Weeks Ended
July 29,   July 30,

In thousands

  2018   2017
Cash flows from operating activities:
Net earnings $ 96,881 $ 92,472
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:
Depreciation and amortization 93,809 90,048
Loss on disposal/impairment of assets 4,466 845
Amortization of deferred lease incentives (13,210)

(12,680)

Deferred income taxes (4,415)

(8,937)

Tax benefit related to stock-based awards 9,711 14,511
Stock-based compensation expense 26,526 22,829
Other 166 102
Changes in:
Accounts receivable (13,567) 10,658
Merchandise inventories (45,159)

(92,711)

Prepaid catalog expenses (1,384)
Prepaid expenses and other assets (29,217) (25,739)
Accounts payable (1,735) (36,917)
Accrued expenses and other liabilities (12,209) (34,453)
Gift card and other deferred revenue 11,927 (8,553)
Deferred rent and lease incentives 18,861 12,635
Income taxes payable     (22,712)     12,409
Net cash provided by operating activities     120,123     35,135
Cash flows from investing activities:
Purchases of property and equipment (80,021)

(82,727)

Other     513     44
Net cash used in investing activities     (79,508)    

(82,683)

Cash flows from financing activities:
Repurchases of common stock (174,818)

(93,361)

Payment of dividends (70,331)

(68,197)

Tax withholdings related to stock-based awards (12,335)

(14,117)

Borrowings under revolving line of credit         115,000
Net cash used in financing activities     (257,484)    

(60,675)

Effect of exchange rates on cash and cash equivalents 1,313

(2,381)

Net decrease in cash and cash equivalents (215,556)

(110,604)

Cash and cash equivalents at beginning of period     390,136     213,713
Cash and cash equivalents at end of period   $ 174,580   $ 103,109
 
Exhibit 1

2 nd Quarter and Year-to-Date GAAP to Non-GAAP Reconciliation*

(unaudited)

(Dollars in thousands, except per share data)

 

Thirteen Weeks Ended July 29, 2018

 
 

 

 

Impairment and

      Employment-  

GAAP Basis

Early Termination

 

 

related
 

(as reported)

Charges1

Outward- related2

Tax Legislation3

Expense4

Non-GAAP Basis
Net revenues $ 1,275,174 - $ (707) - - $ 1,274,467
Gross profit 463,942 $ 719 269 - - 464,930
% of Revenues 36.4% 36.5%
Selling, general and administrative expenses 389,776 (4,578) (4,720) - $ (1,874) 378,604
% of Revenues 30.6% 29.7%
Operating income 74,166 5,297 4,989 - 1,874 86,326
% of Revenues 5.8% 6.8%
Earnings before income taxes 72,582 5,297 4,992 - 1,874 84,745
Income taxes 20,869 1,289 1,055 $ (2,888) 468 20,793
Tax rate     28.8%                         24.5%
Net earnings   $ 51,713   $ 4,008     $ 3,937   $ 2,888   $ 1,406     $ 63,952
Diluted EPS $ 0.62 $ 0.05 $ 0.05 $ 0.03 $ 0.02 $ 0.77
 
 
Twenty-six Weeks Ended July 29, 2018
 
   

Impairment and

      Employment-  

 

 
GAAP Basis

Early Termination

 

Tax related

Impact of Equity

  (as reported)

Charges1

Outward-related2

Legislation3

Expense4

Accounting Rules5

Non-GAAP Basis
Net revenues $ 2,478,174 - $ (1,401) - - - $ 2,476,773
Gross profit 896,106 $ 719 851 - - - 897,676
% of Revenues 36.2% 36.2%
Selling, general and administrative expenses 755,390 (4,578) (11,064) - $ (3,576) - 736,172
% of Revenues 30.5% 29.7%
Operating income 140,716 5,297 11,915 - 3,576 - 161,504
% of Revenues 5.7% 6.5%
Earnings before income taxes 137,931 5,297 11,922 - 3,576 - 158,726
Income taxes 41,050 1,289 2,522 $ (6,186) 870 $ (1,146) 38,399
Tax rate     29.8%                         24.2%
Net earnings   $ 96,881   $ 4,008     $ 9,400   $ 6,186 $ 2,706   $ 1,146   $ 120,327
Diluted EPS $ 1.16 $ 0.05 $ 0.11 $ 0.07 $ 0.03 $ 0.01 $ 1.44
 
Twenty-six Weeks Ended July 30, 2017
 
GAAP Basis

Severance-related

Impact of Equity

Non-GAAP

  (as reported)

Expense6

Accounting Rules5

Basis

Selling, general and administrative expenses $ 674,413 $ (5,705) - $ 668,708
% of Revenues 29.2% 28.9%
Operating income 144,058 5,705 - 149,763
% of Revenues 6.2% 6.5%
Earnings before income taxes 143,678 5,705 - 149,383
Income taxes 51,206 1,971 $ (1,429) 51,748
Tax rate     35.6%               34.6%  
Net earnings   $ 92,472   $ 3,734     $ 1,429   $ 97,635  
Diluted EPS $ 1.06 $ 0.04 $ 0.02 $ 1.12
 
*Per share amounts may not sum across due to rounding to the nearest cent per diluted share.
 
Reconciliation of GAAP to Non-GAAP By Segment**
(unaudited)
 
In thousands   E-commerce   Retail   Unallocated   Total
    Q2 18   Q2 17   Q2 18   Q2 17   Q2 18   Q2 17   Q2 18   Q2 17
Net revenues   $ 686,942   $ 630,793   $ 588,232   $ 570,813   -   -   $ 1,275,174   $ 1,201,606
Outward-related2     (707)     -     -     -   -   -     (707)     -
Non-GAAP net revenues     686,235     630,793     588,232     570,813   -   -     1,274,467     1,201,606
Net revenue growth 8.9% 5.2% 3.1% 2.1% - - 6.1% 3.7%
Non-GAAP net revenue growth     8.8%     -     3.1%     -   -   -     6.1%     -
GAAP operating income (expense)     137,236     135,139     33,922     34,592  

(96,992)

 

(88,147)

    74,166     81,584
GAAP operating margin     20.0%     21.4%     5.8%     6.1%   (7.6)%   (7.3)%     5.8%     6.8%
Outward-related2 3,614 - - - 1,375 - 4,989 -
Employment-related expense4 - - - - 1,874 - 1,874 -
Impairment and Early Termination Charges1     493     -     4,804     -   -   -     5,297     -
Non-GAAP operating income (expense)     141,343     135,139     38,726     34,592  

(93,743)

 

(88,147)

    86,326     81,584
Non-GAAP operating margin     20.6%     21.4%     6.6%     6.1%   (7.4)%   (7.3)%     6.8%     6.8%

**See the Company’s 10-K and 10-Q filings for additional information on segment reporting and the definition of operating income (expense) and operating margin.

 

SEC Regulation G – Non-GAAP Information – These tables include non-GAAP net revenues, gross profit, gross margin, SG&A, operating income, operating margin, earnings before income taxes, income taxes, effective tax rate, net earnings and diluted EPS. 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 actual results on a comparable basis with prior periods. 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. Non-GAAP financial measures as presented herein may not be comparable to similarly titled measures used by other companies.

Notes to Exhibit 1:

1   During Q2 18, we incurred approximately $5.3 million of expense, primarily associated with impairment and early lease termination charges.
2 During Q2 and year-to-date 2018, we incurred approximately $5.0 million and $11.9 million of expense, respectively, primarily associated with acquisition-related compensation expense, amortization of intangible assets, as well as the operations of Outward, Inc.
3 During Q2 and year-to-date 2018, we recorded income tax expense of approximately $2.9 million and $6.2 million, respectively, associated with tax legislation changes.
4 During Q2 and year-to-date 2018, we incurred approximately $1.9 million and $3.6 million, respectively, of employment-related expense related to stock-based compensation, which is recorded in selling, general and administrative expenses within the unallocated segment.
5 During Q1 18 and Q1 17, we recorded income tax expense of approximately $1.1 million and $1.4 million, respectively, associated with the adoption of accounting rules related to stock-based compensation.
6 During Q1 17, we incurred approximately $5.7 million for severance-related reorganization expenses primarily in our corporate functions, which is recorded in selling, general and administrative expenses within the unallocated segment.
 
Exhibit 2
ASU No. 2014-09 Impact of Adoption*
(unaudited)
(Dollars in thousands)
 
  Q2 2018     Q2 2018
GAAP ASU 2014-09 GAAP
    As Reported   Adjustment   As Adjusted
Net revenues $ 1,275,174 $ (16,831) $ 1,258,343
Cost of goods sold 811,232 (2,257) 808,975
Gross profit 463,942 (14,574) 449,368
SG&A expenses 389,776 (10,908) 378,868
Operating income   $ 74,166   $ (3,666)   $ 70,500

*We adopted ASU No. 2014-09, which pertains to revenue recognition, in the first quarter of fiscal 2018.
This table shows the impact of adopting ASU No. 2014-09 on our results of operations for the second quarter of fiscal 2018.

Contact:

WILLIAMS-SONOMA, INC.
Julie Whalen, 415-616-8524
EVP, Chief Financial Officer
-or-
Elise Wang, 415-616-8571
Vice President, Investor Relations