Williams-Sonoma profit exceeds expectations
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Williams-Sonoma Inc. said fourth-quarter profit rose more than analysts anticipated as sales gained at its namesake gourmet food and cookware chain.
The San Francisco-based company also raised its dividend 15% and said it planned to buy back as many as 5 million, or 4.5%, of its shares.
Net income rose to $121.1 million, or $1.06 a share, in the three months through Jan. 28, from $120.8 million, or $1.02, a year earlier, Williams-Sonoma said. The average estimate of analysts surveyed by Bloomberg was $1.04 a share. Sales increased 3.3% to $1.25 billion.
San Francisco-based Williams-Sonoma lowered prices at its Pottery Barn chain to clear out slow-selling merchandise. Chief Executive Howard Lester said Pottery Barn would introduce new products and boost marketing to revive its slumping sales.
Shares of Williams-Sonoma rose 19 cents to $34.77.
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