Why Home Furnishing Retailer Williams-Sonoma Is Surging Today
Portfolio Pulse from Shivani Kumaresan
Williams-Sonoma, Inc (NYSE:WSM) shares surged after reporting Q4 FY23 sales of $2.28 billion, surpassing analyst estimates of $2.23 billion. Adjusted EPS was $5.44, beating estimates of $5.12. The company announced a 26% increase in its quarterly dividend to $1.13 per share and a new $1 billion stock repurchase program. FY24 revenue growth is projected between -3% to +3%, with an operating margin forecast of 16.5% to 16.8%. Shares rose 17.9% to $284.26.
March 13, 2024 | 3:15 pm
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Williams-Sonoma reported higher than expected Q4 FY23 sales and EPS, increased its quarterly dividend by 26%, and announced a new $1 billion stock repurchase program. Shares surged 17.9%.
The positive earnings report, coupled with the dividend increase and stock repurchase program, likely contributed to investor optimism, driving the stock price up significantly in the short term.
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