Williams-Sonoma Profit Climbs, Beats Estimates (WSM)

Williams-Sonoma Inc. (NYSE: WSM) released financial results on Thursday morning that beat Wall Street estimates.Williams-Sonoma Inc announced that its 3rd quarter net earnings rose to $36.5 million, or 34 cents per share, up from $7.3 million, or 7 cents per share, a year earlier.Excluding special items, the company reported earnings of 35 cents per share.The company's total revenues rose to $815.52 million, up from $729.3 million a year earlier.According to a poll of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 31 cents per share, on revenue of $798.24 million.President and chief executive officer Laura Alber said, “As we enter the fourth quarter, we are continuing to see a positive consumer response to our merchandising, marketing and customer service strategies, including the new strategies we have launched for this year's holiday season. As such, we are increasing our fourth quarter and full year guidance despite recent softness in the broader home furnishings industry overall. Net revenues in the fourth quarter are now expected to increase in the range of 3% to 6% and non-GAAP diluted EPS to be in the range of $0.88 to $0.93 versus $0.86 last year. For the full year, we are expecting net revenues to increase in the range of 11% to 12% and non-GAAP diluted EPS to be in the range of $1.75 to $1.80 versus $0.95 last year.” Williams-Sonoma Inc. (WSM) finished the previous trading day at $35.80 per share. The consensus price target of analysts covering the company's stock is $34.35 per share.Read more from Benzinga's Company news.