UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 19, 2015
Williams-Sonoma, Inc.
(Exact name of registrant as specified in its charter)
Delaware | 001-14077 | 94-2203880 | ||
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
3250 Van Ness Avenue, San Francisco, California 94109
(Address of principal executive offices)
Registrants telephone number, including area code (415) 421-7900
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[ ] | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
[ ] | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
[ ] | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
[ ] | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02. | Results of Operations and Financial Condition |
On November 19, 2015, Williams-Sonoma, Inc. (the Company) issued a press release announcing the Companys financial results for its third fiscal quarter ended November 1, 2015. A copy of the Companys press release is attached as Exhibit 99.1. The attached exhibit is provided under Item 2.02 of Form 8-K and is furnished to, but not filed with, the Securities and Exchange Commission.
Item 9.01. | Financial Statements and Exhibits | |
(d) |
List of Exhibits: | |
99.1 |
Press Release dated November 19, 2015 titled Williams-Sonoma, Inc. announces third quarter 2015 results; Net revenues grow 7.8% with operating margin of 9.0%; Diluted EPS increases 13.2% to $0.77; Reiterates full year guidance |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
WILLIAMS-SONOMA, INC. | ||||||
Date: November 19, 2015 | By: | /s/ Julie P. Whalen | ||||
Julie P. Whalen Chief Financial Officer |
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INDEX TO EXHIBITS
Exhibit Number |
Description | |
99.1 | Press Release dated November 19, 2015 titled Williams-Sonoma, Inc. announces third quarter 2015 results; Net revenues grow 7.8% with operating margin of 9.0%; Diluted EPS increases 13.2% to $0.77; Reiterates full year guidance |
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Exhibit 99.1
WILLIAMS-SONOMA, INC.
3250 Van Ness Avenue
San Francisco, CA 94109
CONTACT: Julie P. Whalen EVP, Chief Financial Officer (415) 616-8524 | ||
Gabrielle L. Rabinovitch Vice President, Investor Relations (415) 616-7727 |
PRESS RELEASE
Williams-Sonoma, Inc. announces third quarter 2015 results
Net revenues grow 7.8% with operating margin of 9.0%
Diluted EPS increases 13.2% to $0.77
Reiterates full year guidance
San Francisco, CA, November 19, 2015 Williams-Sonoma, Inc. (NYSE: WSM) today announced operating results for the third fiscal quarter ended November 1, 2015 (Q3 15) versus the third fiscal quarter ended November 2, 2014 (Q3 14).
3rd QUARTER 2015 RESULTS
| Q3 15 net revenues grew 7.8% to $1.232 billion versus $1.143 billion in Q3 14 with comparable brand revenue growth of 4.5%. |
| Q3 15 operating margin was 9.0% versus 9.2% in Q3 14. |
| Q3 15 diluted earnings per share (EPS) was $0.77 versus $0.68 in Q3 14. |
| Cash returned to stockholders totaled $103 million, comprising $71 million in stock repurchases and $32 million in dividends. |
Laura Alber, President and Chief Executive Officer, commented, We are pleased with our solid third quarter results, which speak to the power of our brands and our ability to execute our customer-focused strategy. We achieved total net revenue growth of 8%, EPS growth of 13%, and we are reiterating our full year guidance. Looking ahead, while the retail landscape and consumer demand has been more volatile, we believe our balanced portfolio of differentiated brands and strong multi-channel platform positions us for ongoing market share gains. Our focus remains on executing our strategic initiatives to drive long-term sustainable growth for our shareholders.
Net revenues increased to $1.232 billion in Q3 15 from $1.143 billion in Q3 14.
Comparable brand revenue growth in Q3 15 increased 4.5% on top of 8.7% in Q3 14 as shown in the table below:
3rd Quarter Comparable Brand Revenue Growth by Concept*
| ||||||||
| ||||||||
Q3 15 | Q3 14 | |||||||
| ||||||||
Pottery Barn |
2.0% | 7.0% | ||||||
Williams-Sonoma |
1.2% | 4.3% | ||||||
West Elm |
15.7% | 17.4% | ||||||
Pottery Barn Kids |
4.7% | 8.6% | ||||||
PBteen |
(0.9% | ) | 11.7% | |||||
| ||||||||
Total |
4.5% | 8.7% | ||||||
| ||||||||
* See the Companys 10-K and 10-Q filings for the definition of comparable brand revenue growth.
|
E-commerce net revenues in Q3 15 increased 7.0% to $628 million from $587 million in Q3 14. E-commerce net revenues generated 51% of total company net revenues in both Q3 15 and Q3 14.
Retail net revenues in Q3 15 increased 8.6% (4.3% excluding international growth) to $604 million from $556 million in Q3 14.
Operating margin in Q3 15 was 9.0% compared to 9.2% in Q3 14:
| Gross margin was 36.6% in Q3 15 versus 37.7% in Q3 14. |
| Selling, general and administrative (SG&A) expenses were $341 million, or 27.6% of net revenues in Q3 15, versus $327 million, or 28.6% of net revenues, in Q3 14. |
EPS in Q3 15 was $0.77 versus $0.68 in Q3 14.
Merchandise inventories at the end of Q3 15 increased 12.5% to $1.102 billion from $980 million at the end of Q3 14.
STOCK REPURCHASE PROGRAM
During Q3 15, we repurchased 922,127 shares of common stock at an average cost of $77.54 per share and a total cost of approximately $71 million. As of November 1, 2015, there was approximately $90 million remaining under our $750 million stock repurchase program announced in March 2013.
2
FISCAL YEAR 2015 FINANCIAL GUIDANCE
4th Quarter 2015 Guidance Financial Highlights
|
||||||
Total Net Revenues (millions) |
$1,575 $1,630 | |||||
Comparable Brand Revenue Growth |
2% 5% | |||||
Diluted EPS |
$1.53 $1.62 | |||||
Fiscal Year 2015 Guidance Financial Highlights |
||||||
(Includes impact of the west coast port slowdown)*
|
||||||
Total Net Revenues (millions) |
$4,965 $5,020 | |||||
Comparable Brand Revenue Growth |
4% 6% | |||||
Operating Margin |
10.2% 10.5% | |||||
Diluted EPS |
$3.36 $3.45 | |||||
Income Tax Rate |
38.3% 38.8% | |||||
Capital Spending (millions) |
$200 $220 | |||||
Depreciation and Amortization (millions) |
$170 $180 | |||||
* We have estimated the impact of the west coast port slowdown to be an approximate $30 million to $40 million reduction in net revenues and a $0.10 to $0.12 reduction in EPS in fiscal year 2015. |
||||||
Store Opening and Closing Guidance by Retail Concept*
| ||||||||||||||||||||
FY 2014 ACT | FY 2015 GUID | |||||||||||||||||||
Total | New | Close | End | |||||||||||||||||
Williams-Sonoma |
243 | 5 | (10 | ) | 238 | |||||||||||||||
Pottery Barn |
199 | 4 | (6 | ) | 197 | |||||||||||||||
Pottery Barn Kids |
85 | 6 | (3 | ) | 88 | |||||||||||||||
West Elm |
69 | 18 | - | 87 | ||||||||||||||||
Rejuvenation |
5 | 1 | - | 6 | ||||||||||||||||
Total |
601 | 34 | (19 | ) | 616 | |||||||||||||||
| ||||||||||||||||||||
* Included in the FY 14 store count are 13 stores in Australia and one store in the UK. FY 15 guidance includes six additional Australian stores.
|
CONFERENCE CALL AND WEBCAST INFORMATION
Williams-Sonoma, Inc. will host a live conference call today, November 19, 2015, at 2:00 P.M. (PT). The call, hosted by Laura Alber, President and Chief Executive Officer, will be open to the general public via live webcast and can be accessed at http://ir.williams-sonomainc.com/events. A replay of the webcast will be available at http://ir.williams-sonomainc.com/events.
3
SEC REGULATION G NON-GAAP INFORMATION
We have reconciled non-GAAP diluted EPS with the most directly comparable GAAP financial measure in Exhibit 1. This non-GAAP financial measure excludes the impact of unusual business events which occurred in FY 14. We believe that this non-GAAP financial measure provides meaningful supplemental information for investors regarding the performance of our business and facilitates a meaningful evaluation of our FY 15 guidance on a comparable basis with prior periods. Our management uses this non-GAAP financial measure in order to have comparable financial results to analyze changes in our underlying business from quarter to quarter. This non-GAAP measure should be considered as a supplement to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP.
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements that involve risks and uncertainties, as well as assumptions that, if they do not fully materialize or are proven incorrect, could cause our results to differ materially from those expressed or implied by such forward-looking statements. Such forward-looking statements include statements relating to: our market share; our strategic initiatives; our future financial guidance, including Q4 15 and FY 2015 guidance; our stock repurchase program; the impact of the west coast port slowdown; and our proposed store openings and closures.
The risks and uncertainties that could cause our results to differ materially from those expressed or implied by such forward-looking statements include: accounting adjustments as we close our books for Q3 15; continuing changes in general economic conditions, and the impact on consumer confidence and consumer spending; new interpretations of or changes to current accounting rules; our ability to anticipate consumer preferences and buying trends; dependence on timely introduction and customer acceptance of our merchandise; changes in consumer spending based on weather, political, competitive and other conditions beyond our control; delays in store openings; competition from companies with concepts or products similar to ours; timely and effective sourcing of merchandise from our foreign and domestic vendors and delivery of merchandise through our supply chain to our stores and customers; effective inventory management; our ability to manage customer returns; successful catalog management, including timing, sizing and merchandising; uncertainties in e-marketing, infrastructure and regulation; multi-channel and multi-brand complexities; our ability to introduce new brands and brand extensions; challenges associated with our increasing global presence; dependence on external funding sources for operating capital; disruptions in the financial markets; our ability to control employment, occupancy and other operating costs; our ability to improve our systems and processes; changes to our information technology infrastructure; general political, economic and market conditions and events, including war, conflict or acts of terrorism; and other risks and uncertainties described more fully in our public announcements, reports to stockholders and other documents filed with or furnished to the SEC, including our Annual Report on Form 10-K for the fiscal year ended February 1, 2015 and all subsequent quarterly reports on Form 10-Q and current reports on Form 8-K. All forward-looking statements in this press release are based on information available to us as of the date hereof, and we assume no obligation to update these forward-looking statements.
ABOUT WILLIAMS-SONOMA, INC.
Williams-Sonoma, Inc. is a specialty retailer of high-quality products for the home. These products, representing eight distinct merchandise strategies Williams-Sonoma, Pottery Barn, Pottery Barn Kids, West Elm, PBteen, Williams-Sonoma Home, Rejuvenation, and Mark and Graham are marketed through e-commerce websites, direct mail catalogs and 623 stores. Williams-Sonoma, Inc. currently operates in the United States, Canada, Australia and the United Kingdom, offers international shipping to customers worldwide, and has unaffiliated franchisees that operate stores in the Middle East, the Philippines and Mexico.
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Williams-Sonoma, Inc.
Condensed Consolidated Statements of Earnings (unaudited)
Thirteen weeks ended November 1, 2015 and November 2, 2014
(Dollars and shares in thousands, except per share amounts)
3rd Quarter | ||||||||||||||||
2015 | 2014 | |||||||||||||||
% of | % of | |||||||||||||||
$ | Revenues | $ | Revenues | |||||||||||||
E-commerce net revenues |
$ | 628,191 | 51.0 | % | $ | 586,976 | 51.3 | % | ||||||||
Retail net revenues |
603,891 | 49.0 | 556,186 | 48.7 | ||||||||||||
|
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|
|
|
|
|||||||||
Net revenues |
1,232,082 | 100.0 | 1,143,162 | 100.0 | ||||||||||||
Cost of goods sold |
780,894 | 63.4 | 711,755 | 62.3 | ||||||||||||
|
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|
|
|
|
|||||||||
Gross profit |
451,188 | 36.6 | 431,407 | 37.7 | ||||||||||||
Selling, general and administrative expenses |
340,505 | 27.6 | 326,687 | 28.6 | ||||||||||||
|
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|
|
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Operating income |
110,683 | 9.0 | 104,720 | 9.2 | ||||||||||||
Interest (income) expense, net |
342 | | 117 | | ||||||||||||
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|
|
|
|
|
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Earnings before income taxes |
110,341 | 9.0 | 104,603 | 9.2 | ||||||||||||
Income taxes |
39,859 | 3.2 | 39,695 | 3.5 | ||||||||||||
|
|
|
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|
|
|
|
|||||||||
Net earnings |
$ | 70,482 | 5.7 | % | $ | 64,908 | 5.7 | % | ||||||||
|
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|
|
|
|
|||||||||
Earnings per share (EPS): |
||||||||||||||||
Basic |
$ | 0.78 | $ | 0.70 | ||||||||||||
Diluted |
$ | 0.77 | $ | 0.68 | ||||||||||||
Shares used in calculation of EPS: |
||||||||||||||||
Basic |
90,437 | 93,067 | ||||||||||||||
Diluted |
91,801 | 94,920 |
5
Williams-Sonoma, Inc.
Condensed Consolidated Statements of Earnings (unaudited)
Thirty-nine weeks ended November 1, 2015 and November 2, 2014
(Dollars and shares in thousands, except per share amounts)
Year-to-Date | ||||||||||||||||
2015 | 2014 | |||||||||||||||
$ | % of Revenues |
$ | % of Revenues |
|||||||||||||
E-commerce net revenues |
$ | 1,730,677 | 51.1 | % | $ | 1,600,854 | 50.7 | % | ||||||||
Retail net revenues |
1,659,109 | 48.9 | 1,555,740 | 49.3 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net revenues |
3,389,786 | 100.0 | 3,156,594 | 100.0 | ||||||||||||
Cost of goods sold |
2,153,132 | 63.5 | 1,974,681 | 62.6 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Gross profit |
1,236,654 | 36.5 | 1,181,913 | 37.4 | ||||||||||||
Selling, general and administrative expenses |
970,700 | 28.6 | 917,531 | 29.1 | ||||||||||||
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|
|
|
|
|
|
|||||||||
Operating income |
265,954 | 7.8 | 264,382 | 8.4 | ||||||||||||
Interest (income) expense, net |
625 | | 88 | | ||||||||||||
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|
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|
|
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Earnings before income taxes |
265,329 | 7.8 | 264,294 | 8.4 | ||||||||||||
Income taxes |
96,389 | 2.8 | 102,477 | 3.2 | ||||||||||||
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|
|||||||||
Net earnings |
$ | 168,940 | 5.0 | % | $ | 161,817 | 5.1 | % | ||||||||
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Earnings per share (EPS): |
||||||||||||||||
Basic |
$ | 1.85 | $ | 1.72 | ||||||||||||
Diluted |
$ | 1.82 | $ | 1.69 | ||||||||||||
Shares used in calculation of EPS: |
||||||||||||||||
Basic |
91,129 | 93,862 | ||||||||||||||
Diluted |
92,576 | 95,603 |
6
Williams-Sonoma, Inc.
Condensed Consolidated Balance Sheets (unaudited)
(Dollars and shares in thousands, except per share amounts)
Nov. 1, 2015 |
Feb. 1, 2015 |
Nov. 2, 2014 |
||||||||||
Assets |
||||||||||||
Current assets |
||||||||||||
Cash and cash equivalents |
$ | 72,264 | $ | 222,927 | $ | 107,703 | ||||||
Accounts receivable, net |
88,535 | 67,465 | 63,664 | |||||||||
Merchandise inventories, net |
1,102,349 | 887,701 | 979,719 | |||||||||
Prepaid catalog expenses |
35,762 | 33,942 | 39,116 | |||||||||
Prepaid expenses |
59,276 | 36,265 | 56,517 | |||||||||
Deferred income taxes, net |
130,684 | 130,618 | 121,380 | |||||||||
Other assets |
12,966 | 13,005 | 14,816 | |||||||||
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Total current assets |
1,501,836 | 1,391,923 | 1,382,915 | |||||||||
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Property and equipment, net |
883,459 | 883,012 | 866,670 | |||||||||
Non-current deferred income taxes, net |
2,560 | 4,265 | 4,142 | |||||||||
Other assets, net |
47,821 | 51,077 | 50,220 | |||||||||
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Total assets |
$ | 2,435,676 | $ | 2,330,277 | $ | 2,303,947 | ||||||
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Liabilities and stockholders equity |
||||||||||||
Current liabilities |
||||||||||||
Accounts payable |
$ | 395,033 | $ | 397,037 | $ | 411,232 | ||||||
Accrued salaries, benefits and other |
115,720 | 136,012 | 117,410 | |||||||||
Customer deposits |
293,317 | 261,679 | 265,058 | |||||||||
Borrowings under revolving line of credit |
200,000 | - | 90,000 | |||||||||
Income taxes payable |
35,317 | 32,488 | 4,750 | |||||||||
Current portion of long-term debt |
- | 1,968 | 1,968 | |||||||||
Other liabilities |
55,152 | 46,764 | 46,134 | |||||||||
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Total current liabilities |
1,094,539 | 875,948 | 936,552 | |||||||||
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Deferred rent and lease incentives |
174,059 | 166,925 | 168,078 | |||||||||
Other long-term obligations |
50,545 | 62,698 | 62,942 | |||||||||
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Total liabilities |
1,319,143 | 1,105,571 | 1,167,572 | |||||||||
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Stockholders equity |
||||||||||||
Preferred stock: $.01 par value; 7,500 shares authorized; none issued |
- | - | - | |||||||||
Common stock: $.01 par value; 253,125 shares authorized; 90,010, 91,891 and 92,219 shares issued and outstanding at November 1, 2015, February 1, 2015 and November 2, 2014, respectively |
901 | 919 | 923 | |||||||||
Additional paid-in capital |
538,737 | 527,261 | 519,783 | |||||||||
Retained earnings |
585,928 | 701,214 | 612,611 | |||||||||
Accumulated other comprehensive income (loss) |
(7,127 | ) | (2,548 | ) | 5,203 | |||||||
Treasury stock, at cost |
(1,906 | ) | (2,140 | ) | (2,145 | ) | ||||||
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Total stockholders equity |
1,116,533 | 1,224,706 | 1,136,375 | |||||||||
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Total liabilities and stockholders equity |
$ | 2,435,676 | $ | 2,330,277 | $ | 2,303,947 | ||||||
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7
Williams-Sonoma, Inc.
Condensed Consolidated Statements of Cash Flows (unaudited)
Thirty-nine weeks ended November 1, 2015 and November 2, 2014
(Dollars in thousands)
Year-to-Date | ||||||||
2015 | 2014 | |||||||
Cash flows from operating activities |
||||||||
Net earnings |
$ | 168,940 | $ | 161,817 | ||||
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities: |
||||||||
Depreciation and amortization |
125,093 | 121,135 | ||||||
Loss on disposal/impairment of assets |
3,558 | 1,581 | ||||||
Amortization of deferred lease incentives |
(18,326 | ) | (18,577 | ) | ||||
Deferred income taxes |
(13,526 | ) | (13,031 | ) | ||||
Tax benefit related to stock-based awards |
29,603 | 49,451 | ||||||
Excess tax benefit related to stock-based awards |
(14,283 | ) | (24,408 | ) | ||||
Stock-based compensation expense |
36,182 | 34,729 | ||||||
Other |
91 | 352 | ||||||
Changes in: |
||||||||
Accounts receivable |
(21,875 | ) | (4,455 | ) | ||||
Merchandise inventories |
(216,294 | ) | (165,839 | ) | ||||
Prepaid catalog expenses |
(1,820 | ) | (5,560 | ) | ||||
Prepaid expenses and other assets |
(20,909 | ) | (22,000 | ) | ||||
Accounts payable |
(10,179 | ) | 8,193 | |||||
Accrued salaries, benefits and other current and long-term liabilities |
(13,494 | ) | (12,242 | ) | ||||
Customer deposits |
32,016 | 36,897 | ||||||
Deferred rent and lease incentives |
25,561 | 18,392 | ||||||
Income taxes payable |
2,707 | (44,634 | ) | |||||
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|
|
|||||
Net cash provided by operating activities |
93,045 | 121,801 | ||||||
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|
|||||
Cash flows from investing activities: |
||||||||
Purchases of property and equipment |
(136,069 | ) | (131,670 | ) | ||||
Restricted cash receipts |
- | 14,289 | ||||||
Other |
535 | 1,205 | ||||||
|
|
|
|
|||||
Net cash used in investing activities |
(135,534 | ) | (116,176 | ) | ||||
|
|
|
|
|||||
Cash flows from financing activities: |
||||||||
Borrowings under revolving line of credit |
200,000 | 90,000 | ||||||
Repurchase of common stock |
(196,497 | ) | (195,235 | ) | ||||
Payment of dividends |
(96,020 | ) | (95,267 | ) | ||||
Tax withholdings related to stock-based awards |
(31,019 | ) | (53,440 | ) | ||||
Excess tax benefit related to stock-based awards |
14,283 | 24,408 | ||||||
Net proceeds related to stock-based awards |
2,647 | 3,511 | ||||||
Repayments of long-term obligations |
(1,968 | ) | (1,785 | ) | ||||
Other |
- | (4 | ) | |||||
|
|
|
|
|||||
Net cash used in financing activities |
(108,574 | ) | (227,812 | ) | ||||
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|
|
|
|||||
Effect of exchange rates on cash and cash equivalents |
400 | (231 | ) | |||||
Net decrease in cash and cash equivalents |
(150,663 | ) | (222,418 | ) | ||||
Cash and cash equivalents at beginning of period |
222,927 | 330,121 | ||||||
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|
|
|||||
Cash and cash equivalents at end of period |
$ | 72,264 | $ | 107,703 | ||||
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8
Exhibit 1
3rd Quarter Operating Margin By Segment*
($ in thousands)
E-commerce | Retail | Unallocated | Total | |||||||||||||||||||||||||||||
Q3 15 | Q3 14 | Q3 15 | Q3 14 | Q3 15 | Q3 14 | Q3 15 | Q3 14 | |||||||||||||||||||||||||
Net Revenues |
$ | 628,191 | $ | 586,976 | $ | 603,891 | $ | 556,186 | $ | - | $ | - | $ | 1,232,082 | $ | 1,143,162 | ||||||||||||||||
Operating Income/(Expense) |
137,828 | 136,617 | 49,213 | 49,973 | (76,358 | ) | (81,870 | ) | 110,683 | 104,720 | ||||||||||||||||||||||
Operating Margin |
21.9% | 23.3% | 8.1% | 9.0% | (6.2% | ) | (7.2% | ) | 9.0% | 9.2% | ||||||||||||||||||||||
* | See the Companys 10-K and 10-Q filings for additional information on segment reporting and the definition of Operating Income/(Expense) and Operating Margin. |
Reconciliation of Quarterly and Fiscal Year Actual GAAP to Non-GAAP
Diluted Earnings Per Share**
(Totals rounded to the nearest cent per diluted share)
Q1 15 ACT |
Q2 15 ACT |
Q3 15 ACT |
Q4 15 GUID |
FY 15 GUID | ||||||||||||||
2015 GAAP Diluted EPS |
$0.48 | $0.58 | $0.77 | $1.53 - $1.62 | $3.36 - $3.45 | |||||||||||||
| ||||||||||||||||||
Q1 14 ACT |
Q2 14 ACT |
Q3 14 ACT |
Q4 14 ACT |
FY 14 ACT | ||||||||||||||
2014 GAAP Diluted EPS |
$0.48 | $0.53 | $0.68 | $1.57 | $3.24 | |||||||||||||
Impact of Unusual Business Events (1) |
- | - | - | (0.05) | (0.04) | |||||||||||||
2014 Non-GAAP Diluted EPS Excluding Unusual Business Events (2) | $0.48 | $0.53 | $0.68 | $1.52 | $3.20 | |||||||||||||
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** | Due to the differences between the quarterly and year-to-date weighted average share count calculations and rounding to the nearest cent per diluted share, totals may not equal the sum of the line items and fiscal year diluted EPS may not equal the sum of the quarters. |
Store Statistics
Store Count | Avg. Leased Square Footage Per Store |
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Aug. 2, 2015 | Openings | Closings | Nov. 1, 2015 | Nov. 2, 2014 | Nov. 1, 2015 | Nov. 2, 2014 | ||||||||||||||||||||||||
Williams-Sonoma |
241 | 4 | (2 | ) | 243 | 248 | 6,600 | 6,600 | ||||||||||||||||||||||
Pottery Barn |
199 | 2 | (1 | ) | 200 | 198 | 13,700 | 13,700 | ||||||||||||||||||||||
Pottery Barn Kids |
89 | 1 | - | 90 | 85 | 7,500 | 7,700 | |||||||||||||||||||||||
West Elm |
78 | 6 | - | 84 | 68 | 13,400 | 13,800 | |||||||||||||||||||||||
Rejuvenation |
5 | 1 | - | 6 | 4 | 9,000 | 13,200 | |||||||||||||||||||||||
Total |
612 | 14 | (3 | ) | 623 | 603 | 9,900 | 9,900 | ||||||||||||||||||||||
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Aug. 2, 2015 | Nov. 1, 2015 | Nov. 2, 2014 | ||||||||||||||||
Total store selling square footage | 3,771,000 | 3,839,000 | 3,688,000 | |||||||||||||||
Total store leased square footage | 6,088,000 | 6,188,000 | 5,988,000 |
Notes:
(1) | Impact of Unusual Business Events During FY 14, we received our share of the VISA/MasterCard antitrust litigation settlement. This settlement (a benefit) totaled approximately $0.04 per diluted share in FY 14, and is recorded in SG&A expenses within the unallocated segment. |
(2) | SEC Regulation G Non-GAAP Information This table includes non-GAAP diluted EPS. We believe that this non-GAAP financial measure provides meaningful supplemental information for investors regarding the performance of our business and facilitates a meaningful evaluation of our FY 15 guidance on a comparable basis with prior periods. Our management uses this non-GAAP financial measure in order to have comparable financial results to analyze changes in our underlying business from quarter to quarter. This non-GAAP financial measure should be considered as a supplement to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. |
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