Exhibit 99.1

Williams-Sonoma, Inc. reports strong results for the third quarter of 2019

Revenues grew 6.3% with comparable brand revenue growth of 5.5%

GAAP diluted EPS of $0.94; Non-GAAP diluted EPS of $1.02, a 7.4% increase over Q3 18

Raises low end of 2019 full-year guidance

San Francisco, CA, November 21, 2019 – Williams-Sonoma, Inc. (NYSE: WSM) today announced operating results for the third fiscal quarter ended November 3, 2019 (“Q3 19”) versus the third fiscal quarter ended October 28, 2018 (“Q3 18”).

Laura Alber, President and Chief Executive Officer, commented, “Q3 marks another quarter of strong performance. Comparable revenues accelerated to 5.5%, non-GAAP operating margins held flat to last year despite increased tariff headwinds and non-GAAP EPS grew 7.4%. Our results and continued success relative to the industry reflect that our strong value proposition of high quality, design-led, sustainable products is resonating with our customers. In a fragmented home furnishings industry, it is hard to overstate how important it has been for us to continually evolve to stay ahead of the pack and remain at the forefront of driving profitable growth. Importantly, our digital-first model is a key component of our success.”

Alber continued, “Our year-to-date performance gives us the confidence that we can carry this momentum forward in the holiday season and beyond. As a result, we are raising the low end of our full-year 2019 guidance and reiterating our long term financial targets.”

THIRD QUARTER 2019

• Net revenue growth of 6.3% to $1.442 billion

• Comparable brand revenue growth of 5.5%, primarily driven by West Elm at 14.1% and Pottery Barn at 3.4%

• GAAP operating margin of 7.1%; non-GAAP operating margin of 7.6%, in-line with Q3 18

• GAAP diluted EPS of $0.94; non-GAAP diluted EPS of $1.02, a 7.4% increase compared to Q3 18

GUIDANCE

• Raises low end of fiscal year 2019 guidance

• Reiterates long-term financial targets

Fiscal Year 2019*

• Total Net Revenues: $5.770 billion – $5.900 billion

• Comparable Brand Revenue Growth: 3.5% – 6%

• Non-GAAP Operating Margin: In-line with FY 18

• Non-GAAP Diluted EPS: $4.65 – $4.80

• Non-GAAP Income Tax Rate: 23% – 24%

• Depreciation and Amortization: $185 million – $195 million

• Net 25 store closures for a total store count of 601 by the end of FY 19

• Capital Spending: $200 million – $220 million

• Return to Shareholders: quarterly cash dividend of $0.48 per share and continued share buybacks under our multi-year share repurchase authorization of approximately $600 million

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Long-Term Financial Targets*

• Total Net Revenues growth of mid to high single digits

• Non-GAAP Operating Income growth in-line with revenue growth, driving Operating Margin stability

• Above-industry average ROIC

*We have not provided a reconciliation of non-GAAP guidance measures to the corresponding GAAP measures on a forward-looking basis due to the potential variability and limited visibility of excluded items. Guidance assumptions include the financial impact from all China tariffs.

CONFERENCE CALL AND WEBCAST INFORMATION

Williams-Sonoma, Inc. will host a live conference call today, November 21, 2019, 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.

CONTACT INFORMATION

Julie Whalen EVP, Chief Financial Officer – (415) 616 8524

Elise Wang VP, Investor Relations – (415) 616 8571

SEC REGULATION G — NON-GAAP INFORMATION

This press release includes non-GAAP financial measures. Exhibit 1 provides reconciliations of these non-GAAP financial measures to the most comparable financial measures calculated and presented in accordance with accounting principles generally accepted in the U.S. (“GAAP”). We have not provided a reconciliation of non-GAAP guidance measures to the corresponding GAAP measures on a forward-looking basis due to the potential variability and limited visibility of excluded items; these excluded items include expenses related to the operations of Outward, Inc. and employment-related expense. We believe that these non-GAAP financial measures, when reviewed in conjunction with GAAP financial measures, can provide meaningful supplemental information for investors regarding the performance of our business and facilitate a meaningful evaluation of current period performance on a comparable basis with prior periods. Our management uses these non-GAAP financial measures in order to have comparable financial results to analyze changes in our underlying business from quarter to quarter. In addition, certain other items may be excluded from non-GAAP financial measures when the company believes this provides greater clarity to management and investors. These non-GAAP financial measures should be considered as a supplement to, and not as a substitute for or superior to the GAAP financial measures presented in this press release and our financial statements and other publicly filed reports. Non-GAAP measures as presented herein may not be comparable to similarly titled measures used by other companies.

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 ability to capture significant opportunities in the home furnishings industry; increase our market share; our ability to continue to improve performance; our focus on operational excellence; our ability to improve customers’ experience; our optimism about the future; our ability to maximize growth and maintain high profitability; our FY 2019 and long-term financial guidance; our stock repurchase program and dividend expectations; and our proposed store openings and closures.

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The risks and uncertainties that could cause our results to differ materially from those expressed or implied by such forward-looking statements include: 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; the impact of current and potential future tariffs and our ability to mitigate impacts; 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 3, 2019 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 distinct merchandise strategies — Williams Sonoma, Pottery Barn, Pottery Barn Kids, West Elm, Pottery Barn Teen, Williams Sonoma Home, Rejuvenation, and Mark and Graham — are marketed through e-commerce websites, direct-mail catalogs and retail stores. These brands are also part of The Key Rewards, our free-to-join loyalty program that offers members exclusive benefits across the Williams-Sonoma family of brands. We operate in the U.S., Puerto Rico, Canada, Australia and the United Kingdom, offer international shipping to customers worldwide, and have unaffiliated franchisees that operate stores in the Middle East, the Philippines, Mexico and South Korea, as well as e-commerce websites in certain locations. In 2017, we acquired Outward, Inc., a 3-D imaging and augmented reality platform for the home furnishings and décor industry.

WSM-IR

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Condensed Consolidated Statements of Earnings (unaudited)

	Thirteen Weeks Ended										Thirty-nine Weeks Ended
	November 3, 2019					October 28, 2018					November 3, 2019					October 28, 2018
In thousands, except per share amounts	$		% of Revenues			$		% of Revenues			$		% of Revenues			$		% of Revenues
Net revenues	$	1,442,472		100	%	$	1,356,983		100	%	$	4,054,418		100	%	$	3,835,157		100	%
Cost of goods sold		924,300		64.1			861,999		63.5			2,608,054		64.3			2,444,067		63.7
Gross profit		518,172		35.9			494,984		36.5			1,446,364		35.7			1,391,090		36.3
Selling, general and administrative expenses		416,281		28.9			400,600		29.5			1,184,176		29.2			1,155,990		30.1
Operating income		101,891		7.1			94,384		7.0			262,188		6.5			235,100		6.1
Interest expense, net		2,564		0.2			2,288		0.2			7,486		0.2			5,073		0.1
Earnings before income taxes		99,327		6.9			92,096		6.8			254,702		6.3			230,027		6.0
Income taxes		24,614		1.7			10,631		0.8			64,685		1.6			51,681		1.3
Net earnings	$	74,713		5.2	%	$	81,465		6.0	%	$	190,017		4.7	%	$	178,346		4.7	%
Earnings per share (EPS):
Basic	$	0.96				$	1.01				$	2.43				$	2.17
Diluted	$	0.94				$	1.00				$	2.39				$	2.15
Shares used in calculation of EPS:
Basic		77,897					80,475					78,356					82,070
Diluted		79,191					81,641					79,465					82,951

3^rd Quarter Net Revenues and Comparable Brand Revenue Growth (Decline) by Concept*

	Net Revenues (Millions)				Comparable Brand Revenue Growth (Decline)
	Q3 19		Q3 18		Q3 19			Q3 18
Pottery Barn	$	557	$	533		3.4	%		1.4	%
West Elm		390		339		14.1			8.3
Williams Sonoma		205		204		(2.1	)		2.1
Pottery Barn Kids and Teen		228		227		4.0			0.0
Other		62		54		N/A			N/A
Total	$	1,442	$	1,357		5.5	%		3.1	%

*See the Company’s 10-K filing for the definition of comparable brand revenue, which is calculated on a 13-week to 13-week basis for Q3 2019.

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Condensed Consolidated Balance Sheets

(unaudited)

In thousands, except per share amounts	November 3, 2019			February 3, 2019			October 28, 2018
Assets
Current assets
Cash and cash equivalents	$	155,025		$	338,954		$	164,414
Accounts receivable, net		110,131			107,102			113,582
Merchandise inventories, net		1,258,541			1,124,992			1,197,554
Prepaid expenses		115,288			101,356			94,071
Other current assets		20,260			21,939			21,805
Total current assets		1,659,245			1,694,343			1,591,426
Property and equipment, net		915,740			929,635			931,361
Operating lease right-of-use assets		1,194,061			—			—
Deferred income taxes, net		41,763			44,055			45,999
Goodwill		85,355			85,382			85,649
Other long-term assets, net		67,660			59,429			64,324
Total assets	$	3,963,824		$	2,812,844		$	2,718,759
Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable	$	444,279		$	526,702		$	487,733
Accrued expenses		140,789			163,559			132,398
Gift card and other deferred revenue		296,157			290,445			275,567
Borrowings under revolving line of credit		100,000			—			60,000
Income taxes payable		13,182			21,461			9,903
Operating lease liabilities		225,530			—			—
Other current liabilities		68,973			72,645			71,119
Total current liabilities		1,288,910			1,074,812			1,036,720
Deferred rent and lease incentives		29,388			201,374			205,143
Long-term debt		299,769			299,620			299,571
Long-term operating lease liabilities		1,127,403			—			—
Other long-term liabilities		86,461			81,324			85,388
Total liabilities		2,831,931			1,657,130			1,626,822
Stockholders’ equity
Preferred stock: $.01 par value; 7,500 shares authorized; none issued		—			—			—
Common stock: $.01 par value; 253,125 shares authorized; 77,612, 78,813 and 80,282 shares issued and outstanding at November 3, 2019, February 3, 2019 and October 28, 2018, respectively		777			789			803
Additional paid-in capital		594,991			581,900			570,924
Retained earnings		550,774			584,333			532,172
Accumulated other comprehensive loss		(13,708	)		(11,073	)		(11,757	)
Treasury stock, at cost		(941	)		(235	)		(205	)
Total stockholders’ equity		1,131,893			1,155,714			1,091,937
Total liabilities and stockholders’ equity	$	3,963,824		$	2,812,844		$	2,718,759

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Condensed Consolidated Statements of Cash Flows

(unaudited)

	Thirty-nine Weeks Ended
In thousands	November 3, 2019			October 28, 2018
Cash flows from operating activities:
Net earnings	$	190,017		$	178,346
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:
Depreciation and amortization		140,495			141,167
Loss on disposal/impairment of assets		682			5,290
Amortization of deferred lease incentives		(5,985	)		(19,728	)
Non-cash lease expense		160,138			—
Deferred income taxes		(10,937	)		12,170
Tax benefit related to stock-based awards		13,648			10,361
Stock-based compensation expense		49,516			40,953
Other		14			(389	)
Changes in:
Accounts receivable		(2,842	)		(21,851	)
Merchandise inventories		(133,637	)		(143,723	)
Prepaid expenses and other assets		(24,157	)		(50,171	)
Accounts payable		(92,101	)		8,689
Accrued expenses and other liabilities		(24,148	)		19,002
Gift card and other deferred revenue		5,848			24,048
Deferred rent and lease incentives		—			23,695
Operating lease liabilities		(168,308	)		—
Income taxes payable		(8,293	)		(48,358	)
Net cash provided by operating activities		89,950			179,501
Cash flows from investing activities:
Purchases of property and equipment		(121,154	)		(128,326	)
Other		470			1,804
Net cash used in investing activities		(120,684	)		(126,522	)
Cash flows from financing activities:
Payment of dividends		(113,159	)		(105,654	)
Repurchases of common stock		(112,714	)		(220,221	)
Borrowings under revolving line of credit		100,000			60,000
Tax withholdings related to stock-based awards		(26,623	)		(13,906	)
Net cash used in financing activities		(152,496	)		(279,781	)
Effect of exchange rates on cash and cash equivalents		(699	)		1,080
Net decrease in cash and cash equivalents		(183,929	)		(225,722	)
Cash and cash equivalents at beginning of period		338,954			390,136
Cash and cash equivalents at end of period	$	155,025		$	164,414

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Retail Store Data

(unaudited)

	August 4, 2019		Openings		Closings		November 3, 2019		October 28, 2018
Williams Sonoma		218		—		—		218		226
Pottery Barn		205		—		—		205		205
West Elm		112		2		—		114		112
Pottery Barn Kids		78		1		—		79		82
Rejuvenation		10		—		—		10		8
Total		623		3		—		626		633

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Exhibit 1

GAAP to Non-GAAP Reconciliation

(unaudited)

(Dollars in thousands, except per share data)

	Thirteen Weeks Ended						Thirteen Weeks Ended						Thirty-nine Weeks Ended						Thirty-nine Weeks Ended
	November 3, 2019						October 28, 2018						November 3, 2019						October 28, 2018
	$			% of revenues			$			% of revenues			$			% of revenues			$			% of revenues
Gross profit	$	518,172			35.9	%	$	494,984			36.5	%	$	1,446,364			35.7	%	$	1,391,090			36.3	%
Outward-related1		726						(124	)					2,140						727
Employment-related expense2		—						—						30						—
Impairment and early termination charges3		—						190						—						909
Non-GAAP gross profit	$	518,898			36.0	%	$	495,050			36.5	%	$	1,448,534			35.7	%	$	1,392,726			36.3	%
Selling, general and administrative expenses	$	416,281			28.9	%	$	400,600			29.5	%	$	1,184,176			29.2	%	$	1,155,990			30.1	%
Outward-related1		(6,636	)					(6,128	)					(18,864	)					(17,192	)
Employment-related expense2		(623	)					(1,869	)					(7,742	)					(5,445	)
Impairment and early termination charges3		—						(937	)					—						(5,515	)
Non-GAAP selling, general and administrative expenses	$	409,022			28.4	%	$	391,666			28.9	%	$	1,157,570			28.6	%	$	1,127,838			29.4	%
Operating income	$	101,891			7.1	%	$	94,384			7.0	%	$	262,188			6.5	%	$	235,100			6.1	%
Outward-related1		7,362						6,004						21,004						17,919
Employment-related expense2		623						1,869						7,772						5,445
Impairment and early termination charges3		—						1,127						—						6,424
Non-GAAP operating income	$	109,876			7.6	%	$	103,384			7.6	%	$	290,964			7.2	%	$	264,888			6.9	%
				Tax rate						Tax rate						Tax rate						Tax rate
Income taxes	$	24,614			24.8	%	$	10,631			11.5	%	$	64,685			25.4	%	$	51,681			22.5	%
Outward-related1		1,511						1,300						4,475						3,822
Employment-related expense2		480						479						(302	)					1,349
Impairment and early termination charges3		—						303						—						1,592
Tax legislation4		(98	)					10,564						(98	)					4,378
Impact of equity accounting rules5		—						—						—						(1,146	)
Non-GAAP income taxes	$	26,507			24.7	%	$	23,277			23.0	%	$	68,760			24.3	%	$	61,676			23.7	%
Diluted EPS	$	0.94					$	1.00					$	2.39					$	2.15
Outward-related1		0.07						0.06						0.21						0.17
Employment-related expense2		—						0.02						0.10						0.05
Impairment and early termination charges3		—						0.01						—						0.06
Tax legislation4		—						(0.13	)					—						(0.05	)
Impact of equity accounting rules5		—						—						—						0.01
Non-GAAP diluted EPS*	$	1.02					$	0.95					$	2.70					$	2.39

* Per share amounts may not sum due to rounding to the nearest cent per diluted share

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SEC Regulation G – Non-GAAP Information

These tables include non-GAAP gross profit, gross margin, selling, general and administrative expense, operating income, operating margin, income taxes, effective tax rate and diluted EPS. We believe that these non-GAAP financial measures provide meaningful supplemental information for investors regarding the performance of our business and facilitate a meaningful evaluation of our quarterly actual results on a comparable basis with prior periods. Our management uses these non-GAAP financial measures in order to have comparable financial results to analyze changes in our underlying business from quarter to quarter. These non-GAAP financial measures should be considered as a supplement to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP.

Notes to Exhibit 1:

1 During Q3 and year-to-date 2019, we incurred approximately $7.4 million and $21.0 million, respectively, of expense, which includes acquisition-related compensation expense and amortization of intangible assets, as well as the operations of Outward, Inc. During Q3 and year-to-date 2018, we incurred approximately $6.0 million and $17.9 million, respectively, of expense.

2 During Q3 and year-to-date 2019, we incurred approximately $0.6 million and $7.8 million, respectively, of employment-related expense. During Q3 and year-to-date 2018, we incurred approximately $1.9 million and $5.4 million, respectively, of employment-related expense.

3 During Q3 and year-to-date 2018, we incurred approximately $1.1 million and $6.4 million, respectively, of expense, primarily associated with impairment and early lease termination charges.

4 During Q3 and year-to-date 2019, we recorded income tax expense of approximately $0.1 million, which is associated with tax legislation changes. During Q3 and year-to-date 2018, we recorded a net income tax benefit of approximately $10.6 million and $4.4 million, respectively, associated with tax legislation changes.

5 During Q1 18, we recorded income tax expense of approximately $1.1 million associated with the adoption of accounting rules related to stock-based compensation.

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