Shares of William-Sonoma (WSM Get Williams-Sonoma, Inc. Report dropped Friday after the home products retailer reported third quarter results ahead of expectations and raised its revenue outlook for the fiscal year.
The San Francisco-based company reported third quarter earnings of $3.32 per share on revenue of $2.05 billion. Analysts polled by FactSet were expecting the company to report earnings of $3.13 per share on revenue of $1.98 billion.
"These results are a function of both the advantages of our distinctive positioning in the market and our successful execution against our long-term growth strategies," said CEO Laura Alber.
"Furthermore, our performance demonstrates that we can continue to take share in a fractured market, and deliver high-quality, sustainable earnings."
The company also increased its full year revenue growth expectations to between 22% and 23% with operating margins between 16.9% and 17.1%.
The company did list the global supply chain under potential risks to its growth.
The stock, which has risen more than 108% over the past year, did not get a boost from the strong third quarter numbers, falling 1.13% at last check Friday morning. The stock was down as much as 3.5% earlier in the session.
"As we enter the fourth quarter, we are seeing strong sales and margins continuing. We are thrilled with our customers' response to our holiday and gifting assortments, and we are ready to drive an outstanding finish to the year," Alber said.
