Williams Sonoma will cut 18% of its worldwide workforce (1400 jobs), and saw Q4 earnings at the low end of their forecast.
Williams-Sonoma announces that its second-quarter (2008) earnings dropped 29 percent and reduces its annual forecast, citing the worst housing slump since the Great Depression. (Bloomberg, Aug 28, 2008)
WSM's Chairman and CEO W. Howard Lester sells over 4 million of his own WSM shares as a means of meeting specific collateral requirements for loans which WSM's sharply-falling share price made unsatisfied.
Williams-Sonoma cut its Q4 2007 and FY 2007 guidance, pointing to weaker-than-expected same-store sales over the holiday. It also warned of a potential decline in 2008 revenue.
Williams-Sonoma, Inc. reported a lower-than-expected profit for its third quarter, blaming a slumping housing market. It also cautioned investors that its fourth quarter was likely to come in on the low end of the guidance ranges.
William-Sonoma reported a lower net profit in Q2 compared to the same period last year. The decline in profits was due to poor sales. However, the company reported an EPS of 24 cents per share, which was ahead of the market’s expectation of 16 cents per share. Net income for Q2 fell to $25.97 million, from $35.56 million last year.