Williams-Sonoma, Inc. has released its fourth-quarter and fiscal year 2023 results, showing a mixed performance. In the fourth quarter of 2023, the company experienced a 6.8% decrease in comparable brand revenue. However, it managed to achieve an operating margin of 20.1% and reported a diluted EPS of $5.44.
The company also announced a quarterly dividend increase of 26% and a new stock repurchase authorization of $1 billion. This move signals the company's confidence in its financial position and its commitment to delivering value to shareholders.
For the full fiscal year 2023, Williams-Sonoma, Inc. reported a comparable brand revenue decrease of 9.9%. Despite this, the company achieved a gross margin of 42.6% on a GAAP basis and 42.7% on a non-GAAP basis. Additionally, it maintained a strong liquidity position with $1.3 billion in cash and $1.7 billion in operating cash flow.
Looking ahead to fiscal 2024, the company expects annual net revenue growth in the range of -3% to +3% with comps in the range of -4.5% to +1.5%. It also anticipates an operating margin between 16.5% to 16.8%.
Williams-Sonoma, Inc. aims for mid-to-high single-digit annual net revenue growth over the long term, with an operating margin in the mid-to-high teens.
Today the company's shares have moved 17.3% to a price of $282.66. If you want to know more, read the company's complete 8-K report here.
