Williams-Sonoma reported a robust fourth quarter as the home specialty retailer was the latest to reap the rewards of consumers anchored to their homes.
Company-wide sales for the fourth quarter ended January 31 were $2.29 billion, up 24.5% from the comparable quarter of the previous fiscal year. Same-store sales, the measure of sales at locations that were open a year earlier, across the company’s four retail brands were also up strong double-digits.
For the company as a whole, comparable brand revenue growth in the quarter was up 25.7%. Same-store sales at Williams Sonoma were up 26.2%, Pottery Barn Kids and Teen up 25.7%, Pottery Barn up 25.7% and West Elm up 25.2%.
“2020 was a year of challenges and dramatic changes in the way we live,” said Laura Alber, president and CEO of Williams Sonoma. “It was also a year where we were pushed to adapt and clarify what is important to us.”
Additionally, the importance of e-commerce sales at the retailer was also clear during the fourth quarter. The company reported e-commerce comparable brand revenue growth of 47.9% with e-commerce penetration holding at almost 70% of total net revenues.
For the full year, total company-wide revenue was $6.78 billion, up from revenue of $5.89 billion in the prior fiscal year.
As she looks ahead into 2021, Albert said the company’s four retail brands are starting the year strong, a trend she expects to continue throughout the year based on several key factors.
“First, it is the ongoing momentum of our growth initiatives and the increasing relevance of our three key differentiators. Second, it is the recovery in our retail traffic and our inventory levels as we move throughout the year,” she said.
“Third is the favorable macro trends that are expected to continue to benefit our business for the long-term. These include high consumer confidence, a strong housing market, an accelerating shift to e-commerce, the expected continuation of working from home in some capacity post-pandemic and the importance of sustainability and values to the consumer,” Alber added.