Why Is Home Furnishing Retailer Williams-Sonoma Stock Surging Today?
Portfolio Pulse from Shivani Kumaresan
Williams-Sonoma, Inc (NYSE:WSM) shares surged after reporting first-quarter FY24 earnings that beat analyst expectations. Despite a 5% year-on-year sales decline, the company posted an adjusted EPS of $4.07, surpassing the consensus estimate of $2.70. Gross margin expanded significantly, and operating income saw a substantial increase. The company reiterated its annual net revenue growth guidance.
May 22, 2024 | 1:36 pm
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Williams-Sonoma's stock surged 9% after the company reported first-quarter FY24 earnings that exceeded analyst expectations. Despite a 5% decline in sales, the company achieved an adjusted EPS of $4.07, beating the consensus estimate of $2.70. Gross margin and operating income saw significant improvements.
The significant beat on adjusted EPS and improvements in gross margin and operating income are strong positive indicators for the stock. The market has reacted favorably, as evidenced by the 9% increase in share price.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100