Stock Analysis on Net
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Williams-Sonoma Inc. (NYSE:WSM)

This company has been moved to the archive! The financial data has not been updated since May 24, 2024.

Common-Size Income Statement

Williams-Sonoma Inc., common-size consolidated income statement

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12 months ended: Jan 28, 2024 Jan 29, 2023 Jan 30, 2022 Jan 31, 2021 Feb 2, 2020 Feb 3, 2019
Net revenues 100.00 100.00 100.00 100.00 100.00 100.00
Cost of goods sold -57.38 -57.60 -55.95 -61.14 -63.73 -62.96
Gross profit 42.62% 42.40% 44.05% 38.86% 36.27% 37.04%
Selling, general and administrative expenses -26.57 -25.12 -26.42 -25.44 -28.37 -29.36
Operating income 16.05% 17.27% 17.62% 13.43% 7.90% 7.69%
Interest income (expense), net 0.38 0.03 -0.02 -0.24 -0.15 -0.12
Earnings before income taxes 16.43% 17.30% 17.60% 13.19% 7.75% 7.57%
Income taxes -4.18 -4.30 -3.94 -3.15 -1.71 -1.68
Net earnings 12.25% 13.00% 13.66% 10.04% 6.04% 5.88%

Based on: 10-K (reporting date: 2024-01-28), 10-K (reporting date: 2023-01-29), 10-K (reporting date: 2022-01-30), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-02-02), 10-K (reporting date: 2019-02-03).

Net Revenues
The net revenues percentage remains constant at 100% across all periods, serving as the baseline for relative financial metrics.
Cost of Goods Sold (COGS)
COGS as a percentage of net revenues shows a generally declining trend from -62.96% in 2019 to -57.38% in 2024. The most notable drop occurs between 2020 and 2022, indicating improved efficiency or cost control in the production or procurement of goods. The slight rise in 2023 is followed by a minor decrease in 2024.
Gross Profit
Gross profit margins improve over the period, rising from 37.04% in 2019 to 42.62% in 2024. This reflects the decreasing COGS ratio and suggests enhanced profitability at the gross margin level. The peak occurs in 2022 at 44.05%, after which it slightly declines but remains significantly higher than in earlier years.
Selling, General and Administrative Expenses (SG&A)
SG&A expenses relative to net revenues decrease overall from -29.36% in 2019 to around -26.57% in 2024, though there is some fluctuation. Notable reductions appear in 2021 and 2023, contributing positively to operating margins, although 2022 and 2024 show slight increases again.
Operating Income
Operating income percentage rises substantially from 7.69% in 2019 to a peak of 17.62% in 2022. This strong growth corresponds with improvements in gross profit and controlled SG&A expenses. After 2022, operating income slightly decreases to 16.05% by 2024, indicating a minor easing of operating profitability but still a high level compared to the initial years.
Interest Income (Expense), Net
The net interest expense shows a trend of improvement, moving from a negative impact of -0.12% in 2019 to a net positive of 0.38% in 2024. This shift from net expense to net income suggests favorable changes in financing costs or investment income.
Earnings Before Income Taxes (EBIT)
EBIT trends mirror operating income, with a growth from 7.57% in 2019 to 17.6% in 2022, and a slight decrease thereafter to 16.43% in 2024. This reflects operational improvements and the positive contribution from interest income adjustments.
Income Taxes
The income tax expense increases in proportion to net revenues, rising from -1.68% in 2019 to a peak of -4.3% in 2023, before slightly decreasing to -4.18% in 2024. This reflects higher taxable earnings and potentially higher tax rates or effective tax burdens over time.
Net Earnings
Net earnings exhibit a significant increase from 5.88% in 2019 to a maximum of 13.66% in 2022, followed by a moderate decline to 12.25% in 2024. The pattern aligns with operating income and EBIT trends, indicating improved overall profitability that peaks and then slightly recedes but remains substantially above initial levels.

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