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Williams-Sonoma reports mixed Q3 results as rising costs dent margins

By Yasin Ebrahim

Investing.com -- Williams-Sonoma reported Thursday mixed third-quarter results as earnings missed after rising costs dented margins and the retailer pulled longer-term guidance, citing macro economic uncertainty. 

Williams-Sonoma Inc (NYSE:WSM) plunged more than 9% in afterhours trading following the report.

The retailer reported EPS of $3.72 on revenue of $2.19 billion. Analysts polled by Investing.com had expected earnings of $3.73 a share on revenue of $2.15B. 

The miss on the bottom line comes as margins fell 220 basis points to 41.5%, driven by "higher shipping and freight costs with merchandise margin flat to last year with occupancy deleverage of 30bps," the company said. 

Same-store sales were up 8.1% for the quarter.

Looking ahead, the company reiterated 2022 guidance for mid-to-high single digit annual net revenue growth, though pulled its guidance through fiscal year 2024, citing macro uncertainty.  

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71.4% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.