Deutsche Bank: Williams-Sonoma 4Q Beats Pre-Announcement

In a research report published today by Deutsche Bank, Williams-Sonoma Inc.'s WSM 4Q has beat the pre-announcement by $0.02. Deutsche Bank commented in the report, “This tells us that either January was very strong or the pre-announcement was too conservative. Total sales were slightly above original plan on better direct sales, while retail was in line. But, gross margins were down 100 bps, and operating margins were down 60, both worse than original plan but no worse than the preannouncement.” Deutsche Bank maintains its Hold rating and $33 PT on Williams-Sonoma, which is currently trading at $37.05.