Common-Size Income Statement
Quarterly Data
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Williams-Sonoma Inc. pages available for free this week:
- Statement of Comprehensive Income
- Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Long-term (Investment) Activity Ratios
- Common Stock Valuation Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Dividend Discount Model (DDM)
- Return on Assets (ROA) since 2005
- Price to Sales (P/S) since 2005
- Analysis of Debt
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Williams-Sonoma Inc., common-size consolidated income statement (quarterly data)
Based on: 10-Q (reporting date: 2024-04-28), 10-K (reporting date: 2024-01-28), 10-Q (reporting date: 2023-10-29), 10-Q (reporting date: 2023-07-30), 10-Q (reporting date: 2023-04-30), 10-K (reporting date: 2023-01-29), 10-Q (reporting date: 2022-10-30), 10-Q (reporting date: 2022-07-31), 10-Q (reporting date: 2022-05-01), 10-K (reporting date: 2022-01-30), 10-Q (reporting date: 2021-10-31), 10-Q (reporting date: 2021-08-01), 10-Q (reporting date: 2021-05-02), 10-K (reporting date: 2021-01-31), 10-Q (reporting date: 2020-11-01), 10-Q (reporting date: 2020-08-02), 10-Q (reporting date: 2020-05-03), 10-K (reporting date: 2020-02-02), 10-Q (reporting date: 2019-11-03), 10-Q (reporting date: 2019-08-04), 10-Q (reporting date: 2019-05-05), 10-K (reporting date: 2019-02-03), 10-Q (reporting date: 2018-10-28), 10-Q (reporting date: 2018-07-29), 10-Q (reporting date: 2018-04-29).
- Cost of Goods Sold (COGS)
- The cost of goods sold as a percentage of net revenues exhibited a general downward trend over the analyzed quarters, decreasing from approximately -64.08% in April 2018 to -51.67% in April 2024. There were fluctuations within this period, including some notable increases in COGS percentages around May 2020 (-66.46%) and early 2023 (-61.54%), but the overall trajectory points to improvement in cost control or a better margin on goods sold.
- Gross Profit
- Gross profit margins improved consistently across the timeframe, rising from 35.92% in April 2018 to 48.33% in April 2024. This increase aligns closely with the declining trend in COGS, indicating improving profitability at the gross margin level. The improvements appear steady, with a marked acceleration in gross margin post mid-2020.
- Selling, General and Administrative Expenses (SG&A)
- SG&A expenses as a percentage of net revenues showed variability throughout the timeline, generally fluctuating between -30.39% and -22.02%. The lowest points were observed around mid-2020 and early 2023, indicating some episodic cost efficiency achieved during certain quarters. Despite these fluctuations, the overall percentage shows no strong directional trend but suggests efforts to maintain expense discipline.
- Operating Income
- Operating income demonstrated a positive and quite strong upward trend, moving from 5.53% of net revenues in April 2018 to 19.5% in April 2024. Peaks were observed particularly in quarters following early 2020, which may be linked to improved gross margins and controlled SG&A expenses. This indicates enhanced operational efficiency and profitability over time.
- Interest Income (Expense), Net
- This line item started with a small net expense (-0.10% in April 2018) but gradually shifted towards positive contributions, reaching 0.97% by April 2024. The trend suggests either improved investment income, decreased interest expense, or both, contributing favorably to overall profitability in recent periods.
- Earnings Before Income Taxes (EBIT)
- EBIT followed a trajectory similar to operating income, increasing consistently from 5.43% in April 2018 to above 20% in the latest quarters. This reflects sustained growth in core profitability before tax considerations, supporting the company's improved operational results.
- Income Taxes
- Income tax as a percentage of net revenues fluctuated moderately between -1.68% and -5.13%. The range suggests variability in effective tax rates or tax planning strategies, with some quarters showing relatively higher tax burdens corresponding to higher pre-tax profits. There is no clear trend of increase or decrease over time.
- Net Earnings
- Net earnings as a percentage of net revenues increased significantly from 3.75% in April 2018 to 16.00% in April 2024, despite some volatility. The improvements align with increases in gross profit and operating efficiency, as well as improved net interest income. Some dips occurred, notably around mid-2020, but the general pattern is one of increased profitability at the net level.