Williams-Sonoma rises after better-than-expected fiscal 2019 outlook
Williams-Sonoma Inc (NYSE:WSM) gained in Wednesday’s extended trading after delivering an outlook for fiscal 2019 that was better than expected and boosting its share buybacks.
The home goods retailer projected earnings per share of $4.50 to $4.70 on total net revenue of $5.670 billion to $5.840 billion. The average forecast of analysts was for $4.33 on revenue of $5.63 billion. .
Shares of Williams-Sonoma advanced 3.8% to $50 in Wednesday’s after-hours trading.
READ: Williams-Sonoma tops analyst estimates in 2Q, upping its full-year outlook
The company increased its stock repurchase authorization by $500 million
“2018 was a strong year for our business,” CEO Laura Alber said in a statement. “We outperformed revenue and EPS expectations while making important investments in our business that set us up for accelerated long-term growth.”
For the fourth quarter ended February 3, the company posted diluted earnings per share of $2.10 on revenue of $1.8 billion, which was up 9.3% and met the average forecast of analysts. They call for EPS of $1.97.
Contact Dennis Fitzgerald at [email protected]
Story by ProactiveInvestors
Source: https://www.proactiveinvestors.com/companies/news/216885/williams-sonoma-rises-after-better-than-expected-fiscal-2019-outlook-216885.html
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