The company said it expects a fiscal 2022 financial performance "in line with our long-term financial guidance of mid-to-high single digit annual net revenue growth, increasing revenues to $10 billion by fiscal year 2024," as well as operating margins "relatively in-line with our fiscal year 2021 operating margin." Separately, the retailer said its board has authorized a 10% dividend increase to 78 cents a share, payable on May 27, and also has approved a new $1.5 billion stock buyback program, superseding the about $750 million that remains outstanding under the company's current stock repurchase authorization. "These results reflect the resilience in our business model, as we successfully navigated unprecedented challenges within the supply chain, material and labor shortages, and capacity limitations from our incredible consumer demand," Chief Executive Laura Alber said in a statement. FactSet consensus called for adjusted earnings of $4.82 a share on sales of $2.6 billion. Adjusted for one-time items, the company earned $5.42 a share. Revenue rose to $2.5 billion, from $2.3 billion a year ago. Williams-Sonoma said it earned $403 million, or $5.41 a share, in the fourth quarter, compared with $309 million, or $3.92 a share, in the year-ago quarter. rallied more than 10% in the extended session Wednesday after the retailer reported quarterly profit above expectations and raised its dividend.
Williams-Sonoma Q4 profit beats expectations, retailer raises dividend by 10% Deliveries were "constrained" by supply-chain disruptions but were in line with the guidance given at the beginning of the quarter, he said. Margins were strong even as materials costs and wages have increased, he said. "Our sales pace remained strong and consistent throughout the quarter, while strong traffic to our welcome home centers and website suggests that demand remains strong for the foreseeable future," Chairman Steve Miller said in a statement.
Analysts polled by FactSet expected Lennar to report adjusted EPS of $2.60 on revenue of $2.6 billion. Adjusted for one-time items, Lennar earned $2.70 a share.
Lennar said it earned $503.6 million, or $1.69 a share, in the first quarter, compared with $1 billion, or $3.20 a share, in the year-ago quarter. shares rose more than 2% in the extended session Wednesday after the home builder reported first-quarter profit that topped Wall Street expectations and said its "strong sales" reflected ongoing strength in the housing market. Lennar stock rises more than 2% after Q1 profit tops views
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