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About

Williams-Sonoma, Inc. operates as an omni-channel specialty retailer of various products for home the United States and internationally.

Key Ratios Snapshot

📈 Growth Pattern

⚡ Latest Quarter —

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⭐ Superinvestors Holding WSM

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Manager	Shares	Value	% of Fund	Period
Jim Simons Renaissance Technologies LLC	680.5K	$124.1M	0.19%	Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific → Stable 4 quarters analysed

Q2 2026

Confident Specific

Strong results with specific metrics: comp +3.7%, operating margin 17.9%, EPS $2. Repeatedly used precise numbers and raised top-line guidance. Acknowledged tariff headwinds but provided detailed mitigation plan.

Q3 2026

Confident Specific

Management repeatedly used words like 'proud', 'strong results', 'outperformance', and cited specific numbers (4% comp, 17% operating margin, EPS up 5%) to project confidence. They emphasized market share gains and execution despite tariff headwinds.

Q4 2026

Confident Specific

Management sounds confident, citing specific achievements like 'comp of 3.5%', 'operating margin of 18.1%', and 'record EPS $8.84', while acknowledging 'unpredictability around geopolitics and tariffs' and providing detailed guidance for 2026.

Q1 2027 latest

Confident Specific

Management repeatedly uses strong descriptors like 'off to a strong start', 'ahead of expectations', and 'every brand delivered a positive comp', while providing specific metrics (4.8% comp, 16.2% operating margin, $1.93 EPS) to back up their confidence.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis appears stronger after this call. Q1 results beat expectations on both top and bottom line, with all brands positive and accelerating comps in a difficult macro environment. Management clearly demonstrated the ability to partially offset tariff and fuel headwinds through supply chain efficiencies and scale. However, the decision to maintain guidance despite the beat signals caution about the second half, especially as tariffs are expected to peak in Q2. The company's diversified brand portfolio, strong free cash flow, and consistent capital return (buybacks + dividend growth) reinforce the thesis. Next quarter, investors should watch whether the tariff pressure moderates as expected, whether Pottery Barn's improvement continues, and whether West Elm's momentum can sustain. The reiterated long-term outlook (mid-to-high single-digit revenue growth, mid-to-high teens margins) provides a clear benchmark for valuation.

AI-generated concall tone analysis · Updated 2026-06-08 · Not investment advice

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🎙 Management Tone Confident Specific → Stable 4 quarters Full tone analysis in Intelligence →

Good quarter Investor Presentation One-Pager? Q1 2027

Revenue

$1.81B

+4.8% comp brand revenue growth

Operating Income

$292M

Operating margin 16.2% (-60bps YoY)

Operating Margin

16.2%

-60bps YoY

What Went Right

All brands delivered positive comps, with West Elm up 8.5% and B2B up 13.7%.
Operating margin of 16.2% exceeded expectations despite tariff headwinds.
Returned $373 million to shareholders via buybacks and dividends.

What to Watch

Merchandise margins declined 100bps due to tariffs, with Q2 expected to be the peak impact.
Inventories rose 9% to $1.46B, including $60M of incremental tariff costs.
Management reiterated not raising guidance due to macro uncertainty — tariffs, war, interest rates.

Management Guidance

FY2026 comp brand revenue growth range 2%-6% (midpoint 4%).
FY2026 operating margin range 17.5%-18.1%.
Full-year interest income ~$25M; effective tax rate ~25.5%.

Investor Lens

The thesis is stronger after this call. Despite heavy tariff and fuel cost headwinds, WSM achieved a 4.8% comp and a 16.2% operating margin that came in ahead of expectations. All brands contributed positively, B2B hit a record quarter, and supply chain efficiencies helped offset cost pressures. Management’s decision to hold full-year guidance rather than raise reflects prudence, not weakness, given continued macro uncertainty. The company’s ability to deliver compounding results in a volatile environment reinforces its market-share-gaining narrative and resilient business model.

From investor presentation · AI-generated analysis · Not investment advice

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📈 STRONG WSM delivers strong Q1 with 4.8% comp growth; all brands positive

Revenue

Net revenues were $1.81 billion with comparable brand revenue growth of 4.8%. Every brand posted a positive comp: Pottery Barn +1%, West Elm +8.5%, Pottery Barn Kids +4.5%, Williams-Sonoma +5%, and B2B grew 13.7% (record quarter). Both e-commerce (+4.8%) and retail (+4.7%) channels showed strong gains.

Profitability

Net income was not explicitly stated; diluted EPS was $1.93, up 4.3% from $1.85 last year. Operating income came in at $292 million. The operating margin of 16.2% was ahead of expectations, though down 60 basis points year-over-year.

Margins

Gross margin was 44.0%, down 30 basis points year-over-year. Merchandise margins fell 100bps due to higher tariffs flowing through cost of goods sold, partially offset by supply chain efficiencies (+50bps) and occupancy leverage (+20bps). SG&A rate increased 30bps to 27.8% of revenue, driven by higher employment expense.

Balance Sheet

Merchandise inventories stood at $1.46 billion, up 9% year-over-year, including ~$60 million of embedded incremental tariff costs. Operating cash flow was $156 million. The company maintained a strong liquidity position with $652 million in cash and returned $373 million to shareholders via $288 million in share repurchases and $85 million in dividends.

Key Risks

Tariff impact is front-loaded; Q2 is expected to be the peak quarter and margins will moderate thereafter. Higher oil prices continue to pressure transportation costs. Management also flagged ongoing uncertainty from trade policy, wars, and interest rates, leading them to maintain rather than raise full-year guidance.

Outlook

Full-year fiscal 2026 guidance is reiterated: comp revenue growth of 2%-6% (midpoint 4%), operating margin of 17.5%-18.1%. Long-term outlook unchanged: mid-to-high single-digit revenue growth with mid-to-high teen operating margins.

Generated by AI · Q1 2027 results · Not investment advice

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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q1 2027 Q1 2027 2026-05-21

Q1 2026 saw 4.8% comp growth, strong performance across all brands, and a 16.2% operating margin, with EPS up 4% year-over-year. Guidance for FY2026 is reiterated amid macro uncertainty, with continued investment in growth, customer experience, and shareholder returns.

Q4 2026 Q4 2026 2026-03-18

Delivered record FY2025 results with 3.5% comp growth, 18.1% operating margin, and $8.84 EPS, outperforming the industry and raising guidance. FY2026 outlook targets 2%-6% comp growth, 17.5%-18.1% margin, and increased capital investment, with continued focus on AI, retail expansion, and B2B.

Q3 2026 Q3 2026 2025-11-19

Q3 delivered 4% comp growth, 17% operating margin, and 5% EPS growth, with all brands posting positive comps and strong retail performance. FY2025 guidance was raised for operating margin, despite increased tariff headwinds, and capital returns to shareholders remain robust.

Q2 2026 Q2 2026 2025-08-27

Q2 delivered 3.7% comp growth, 17.9% operating margin, and nearly 20% EPS growth, with all brands positive and strong B2B and emerging brand performance. Full-year comp guidance was raised to 2%-5%, while operating margin guidance is maintained despite tariff headwinds.

Q1 2026 Q1 2026 2025-05-22

Q1 delivered 3.4% comp growth and exceeded profit expectations, with all brands posting positive comps and strong B2B and emerging brand performance. Guidance for fiscal 2025 is reiterated despite tariff and macro uncertainty, supported by a robust mitigation plan.

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Investment Risk:
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