Williams Sonoma Inc. Q1 FY2024 results: revenue $1.7 billion, down 5.4% on the year

Williams Sonoma Inc. (WSM) reported revenue of $1.7 billion for Q1 FY2024, the quarter ended 28 April 2024, down 5.4% on the same quarter a year earlier. Net income was $266 million, up 69.7% on the year, and diluted earnings per share $4.07. The figures are the company's own, from the 10-Q it filed with the SEC on 24 May 2024.

Revenue$1.7 billiondown 5.4%

Net income$266 millionup 69.7%

Diluted EPS$4.07

QuarterQ1 FY2024ended 28 April 2024

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Revenue	1,660	2,279	n/a	n/a
Gross profit	803	1,049	n/a	n/a
Gross margin	48.3%	46.0%	n/a
Selling, general and administrative	479	591	n/a	n/a
Operating income	324	458	n/a	n/a
Operating margin	19.5%	20.1%	n/a
Pre-tax income	340	471	n/a	n/a
Income tax	74.2	117	n/a	n/a
Effective tax rate	21.8%	24.8%	n/a
Net income	266	354	n/a	n/a
Net margin	16.0%	15.6%	n/a
Diluted EPS	$4.07	$5.42	n/a	n/a

$ million except per share. Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Operating cash flow	227	675	n/a	n/a
Capital expenditure	39.5	53.6	n/a	n/a
Free cash flow	187	621	n/a	n/a
Free cash flow margin	11.3%	27.3%	n/a
Depreciation and amortisation	57.0	66.6	n/a	n/a
Share-based compensation	23.0	18.3	n/a	n/a
Buybacks	43.8	0.0	n/a	n/a
Dividends paid	62.9	57.9	n/a	n/a
Dividend per share	$1.13	n/a	n/a	n/a
Diluted shares, weighted	65m	65m	n/a	n/a
Shares outstanding at period end	64m	64m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Total assets	5,160	5,274	n/a	n/a
Cash and equivalents	1,255	1,262	n/a	n/a
Receivables	115	123	n/a	n/a
Inventory	1,218	1,246	n/a	n/a
Goodwill	77.3	77.3	n/a	n/a
Operating lease liabilities	1,112	1,156	n/a	n/a
Shareholders' equity	2,210	2,128	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	1,854	2,279	1,660	1,788	1,801	2,462	1,730	1,837	1,883	2,357	1,805	1,960
Cost of revenue	n/a	n/a	n/a	984	983	n/a	964	972	1,015	1,252	1,012	948
Gross profit	822	1,049	803	826	842	1,112	766	865	868	1,105	793	1,012
Gross margin	44%	46%	48%	46%	47%	45%	44%	47%	46%	47%	44%	52%
SG&A	507	591	479	536	521	616	475	537	549	627	502	563
Operating income	315	458	324	290	321	496	291	328	319	478	292	449
Operating margin	17%	20%	20%	16%	18%	20%	17%	18%	17%	20%	16%	23%
Pre-tax income	322	471	340	305	332	508	300	337	329	486	299	461
Tax rate	26%	25%	22%	26%	25%	24%	23%	27%	27%	24%	23%	27%
Net income	237	354	266	226	249	385	231	248	242	368	231	338
Net margin	13%	16%	16%	13%	14%	16%	13%	13%	13%	16%	13%	17%
Diluted EPS	$3.66	$5.42	$4.07	$1.74	$1.96	n/a	$1.85	$2.00	$1.96	$3.03	$1.93	$2.84
Operating cash flow	290	675	227	246	253	633	119	283	316	597	156	540
Capital expenditure	42.0	53.6	39.5	31.4	83.4	67.2	58.2	52.0	68.2	80.9	57.7	58.7
Free cash flow	248	621	187	215	170	566	60.7	231	248	516	98.6	481
Buybacks	3.0	0.0	43.8	130	534	100.0	90.0	199	267	298	288	0.0
Dividends paid	57.9	57.9	62.9	72.9	73.1	71.2	74.7	81.3	80.6	79.9	85.6	89.9
Shares outstanding	64m	64m	64m	128m	124m	123m	123m	122m	120m	119m	118m	118m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 28 April 2024, filed 24 May 2024, accession 0001628280-24-025227: the filing on EDGAR. All of Williams Sonoma Inc.'s filings: EDGAR company page.

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