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SAN FRANCISCO — Paced by its West Elm and Pottery Barn Kids brands, retailer Williams-Sonoma said net income rose 8.6% in the quarter ended Nov. 1 on a 7.8% gain in revenues.
The retailer said e-commerce revenues grew 7% and accounted for 51% of total revenues, while revenues from retail stores rose 8.3% worldwide, but only 4.3% in the United States.
Total revenues for the quarter were $1.23 billion, up from $1.14 billion in the same quarter last year.
Net income totaled $70.5 million or 77 cents per share. That compares with $64.9 million or 68 cents per share a year earlier.
“We are pleased with our solid third quarter results, which speak to the power of our brands and our ability to execute our customer-focused strategy,” said Laura Alber, president and CEO. “Looking ahead, while the retail landscape and consumer demand has been more volatile, we believe our balanced portfolio of differentiated brands and strong multi-channel platform positions us for ongoing market share gains.”
The company said its fast-growing West Elm concept recorded 15.7% comparable-brand growth — the only brand in the Williams-Sonoma stable with double-digit growth. Pottery Barn Kids was the next largest at 4.7%, followed by Pottery Barn at 2% and Williams-Sonoma at 1.2%.
The only brand showing a decline in comparable-brand revenues was PB Teen, which was off 0.9%.
For the nine months ended Nov. 1, revenues increased 7.4% to $3.39 billion. Nine-month net income was up 4.4% to $168.9 million or $1.82 per share.
The company reaffirmed a revenue projection for the fiscal year that was issued in August at $4.965 billion to $5.02 billion.
The August projection for earnings per share of $3.35 to $3.45 was tweaked to a range of $3.36 to $3.45.
