Williams-Sonoma ended 2009 with very positive numbers. Showing a 7.4% increase gave them a positive outlook for the year to come. The expectations for 2010 include driving top-line revenue growth (net of store closings) in the low single digits and non-GAAP diluted earnings per share growth (excluding any potential non-recurring charges associated with additional store closings) in the range of 10% to 15% - with the greatest improvement occurring in the first half of the year. Depreciation in fiscal 2010 is expected to be in the range of $140 to $145 million and the remunerate of deferred lease incentives is expected to be approximately $30 million. The cash flow perception shows inventory growth is expected to surge slightly ahead of sales growth based upon the need to stock up core inventory levels that were minimal due to better than expected sales in the fourth quarter of 2009, and capital spending is expected to be in the range of $70 to $75 million.
Mr. Lester continued, “As we look forward to 2010 and beyond, we are focused on two fundamental initiatives: gaining market share and improving profitability. These are the same initiatives that drove our success in 2009. To gain market share, we will continue to enhance our value proposition; optimize our brand positioning; capitalize on our multi-channel capabilities; and enrich the customer experience across all of our channels. To improve profitability, we will drive increased efficiencies in our world-wide supply chain and enhance retail productivity. By the end of 2010, we expect retail leased square footage to decline by an additional 1% to 2% versus fiscal year-end 2009.”
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Williams-Sonoma, Inc. operates as a specialty retailer of home products. It offers culinary and serving equipment, including cookware, cookbooks, cutlery, informal dinnerware, glassware, table linens, and specialty foods and cooking ingredients; and bridal and gift items under the Williams-Sonoma brand. The company also provides home furnishing products comprising furniture, textiles, decorative accessories, and lighting and tabletop items under the West Elm brand; bed and bath products under the Pottery Barn brand; and children’s furnishings and accessories under the Pottery Barn Kids brand name. Williams-Sonoma, Inc. also sells its home products through its seven direct-mail catalogs, which comprise Williams-Sonoma, Pottery Barn, Pottery Barn Kids, Pottery Barn Bed and Bath, PBteen, West Elm, and Williams-Sonoma Home; and six e-commerce Web sites, including williams-sonoma.com, potterybarn.com, potterybarnkids.com, pbteen.com, westelm.com, and wshome.com. As of February 1, 2009, the company operated 627 retail stores, including 264 Williams-Sonoma, 204 Pottery Barn, 95 Pottery Barn Kids, 36 West Elm, 10 Williams-Sonoma Home, and 18 outlet stores in 44 states of the United States, Washington, D.C., Canada, and Puerto Rico. The company was founded in 1956 and is headquartered in San Francisco, California.
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