Williams-Sonoma, Inc. (NYSE: WSM) rose Thursday after the company reported better-than-expected results for its second quarter. Comps were up 4.6% in the quarter. The company also raised FY18 guidance.
Net revenue growth was 6.1%, with comparable brand revenue growth of 4.6%. GAAP diluted Earnings per Share were $0.62, while non-GAAP diluted EPS were $0.77 driven by gross margin expansion
Fiscal year guidance was also raised: Non-GAAP net revenue guidance raised to $5,565 billion – $5,665 billion. Comparable brand revenue growth was raised at the low end to 3.0% - 5.0%. Non-GAAP operating margin raised at the low end to 8.4% - 9.0%. Non-GAAP diluted EPS raised to $4.26 - $4.36
Laura Alber, President and Chief Executive Officer, commented, "Today, we are announcing another quarter of strong results with topline growth at the high-end of guidance, gross margin significantly above last year and a substantial EPS outperformance.
"Our powerful multi-channel, multi-brand platform, together with our strong execution of our strategic initiatives in digital leadership, product innovation, retail transformation and operational excellence are having a positive impact on all parts of our business.
"Given the results in the first half and the momentum our initiatives are creating, we are raising our full-year guidance for net revenues, comp revenue growth, operating margin and EPS."
Moreover, the company repurchased 2,409,000 shares of common stock during the second quarter, at an average cost of $56.90 per share for a total cost of approximately $137 million. As of July 29, there was approximately $344 million remaining under its current stock repurchase program.
Shares galloped $6.64, or 10.6%, to $69.25
