Name: Williams-Sonoma Inc. (NYSE:WSM) | Income Statement (Quarterly)
Creator: Stock Analysis on Net

Income Statement
Quarterly Data

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

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Williams-Sonoma Inc., consolidated income statement (quarterly data)

US$ in thousands

3 months ended:	Apr 28, 2024	Jan 28, 2024	Oct 29, 2023	Jul 30, 2023	Apr 30, 2023	Jan 29, 2023	Oct 30, 2022	Jul 31, 2022	May 1, 2022	Jan 30, 2022	Oct 31, 2021	Aug 1, 2021	May 2, 2021	Jan 31, 2021	Nov 1, 2020	Aug 2, 2020	May 3, 2020	Feb 2, 2020	Nov 3, 2019	Aug 4, 2019	May 5, 2019	Feb 3, 2019	Oct 28, 2018	Jul 29, 2018	Apr 29, 2018
Net revenues	1,660,348)	2,278,937)	1,853,650)	1,862,614)	1,755,451)	2,453,079)	2,192,574)	2,137,537)	1,891,227)	2,501,029)	2,047,539)	1,948,339)	1,749,029)	2,292,673)	1,764,536)	1,490,777)	1,235,203)	1,843,590)	1,442,472)	1,370,814)	1,241,132)	1,836,436)	1,356,983)	1,275,174)	1,203,000)
Cost of goods sold	(857,833)	(1,230,322)	(1,031,290)	(1,105,047)	(1,080,392)	(1,443,229)	(1,282,048)	(1,208,728)	(1,062,679)	(1,375,792)	(1,152,054)	(1,089,951)	(996,176)	(1,327,449)	(1,058,953)	(939,575)	(820,943)	(1,150,862)	(924,300)	(886,953)	(796,801)	(1,126,513)	(861,999)	(811,232)	(770,836)
Gross profit	802,515)	1,048,615)	822,360)	757,567)	675,059)	1,009,850)	910,526)	928,809)	828,548)	1,125,237)	895,485)	858,388)	752,853)	965,224)	705,583)	551,202)	414,260)	692,728)	518,172)	483,861)	444,331)	709,923)	494,984)	463,942)	432,164)
Selling, general and administrative expenses	(478,687)	(590,524)	(507,283)	(486,019)	(475,582)	(540,063)	(570,893)	(563,288)	(505,067)	(600,665)	(565,218)	(535,288)	(477,676)	(563,137)	(430,979)	(365,841)	(365,615)	(489,042)	(416,281)	(397,696)	(370,199)	(509,070)	(400,600)	(389,776)	(365,614)
Operating income	323,828)	458,091)	315,077)	271,548)	199,477)	469,787)	339,633)	365,521)	323,481)	524,572)	330,267)	323,100)	275,177)	402,087)	274,604)	185,361)	48,645)	203,686)	101,891)	86,165)	74,132)	200,853)	94,384)	74,166)	66,550)
Interest income (expense), net	16,053)	13,147)	7,182)	3,335)	5,498)	1,383)	370)	344)	163)	89)	(121)	39)	(1,872)	(2,264)	(5,344)	(6,464)	(2,159)	(1,367)	(2,564)	(2,669)	(2,253)	(1,633)	(2,288)	(1,584)	(1,201)
Earnings before income taxes	339,881)	471,238)	322,259)	274,883)	204,975)	471,170)	340,003)	365,865)	323,644)	524,661)	330,146)	323,139)	273,305)	399,823)	269,260)	178,897)	46,486)	202,319)	99,327)	83,496)	71,879)	199,220)	92,096)	72,582)	65,349)
Income taxes	(74,215)	(116,799)	(84,974)	(73,376)	(48,444)	(116,177)	(88,280)	(98,790)	(69,531)	(121,720)	(80,622)	(77,069)	(45,503)	(90,868)	(67,488)	(44,333)	(11,063)	(36,274)	(24,614)	(20,848)	(19,223)	(43,882)	(10,631)	(20,869)	(20,181)
Net earnings	265,666)	354,439)	237,285)	201,507)	156,531)	354,993)	251,723)	267,075)	254,113)	402,941)	249,524)	246,070)	227,802)	308,955)	201,772)	134,564)	35,423)	166,045)	74,713)	62,648)	52,656)	155,338)	81,465)	51,713)	45,168)

Financial performance from April 2018 through April 2024 is characterized by significant growth in both top-line revenue and bottom-line profitability, accompanied by a distinct seasonal cycle. Revenue peaks consistently occur in the quarter ending in January, reflecting strong year-end demand, while the lowest points typically align with the April reporting periods.

Revenue Trends and Growth: Net revenues exhibited a steady upward trajectory, accelerating sharply between 2020 and 2022. Quarterly revenues grew from approximately 1.2 billion USD in early 2018 to a peak of 2.5 billion USD in January 2022. While recent quarters show a slight moderation in growth, revenues remain substantially higher than pre-2020 levels, indicating a permanent shift in the company's scale of operations.
Profitability and Margin Expansion: Gross profit margins have expanded over the analyzed period. In 2018, gross profit typically represented approximately 36% of net revenues; by April 2024, this ratio increased to approximately 48%. This expansion suggests improved pricing power or more efficient cost management of goods sold. Similarly, operating income saw a dramatic increase, rising from a low of 66.5 million USD in April 2018 to peaks exceeding 500 million USD in early 2022.
Operating Expense Management: Selling, general, and administrative (SG&A) expenses increased in absolute terms as the business scaled, but they grew at a slower pace than net revenues. This divergence indicates positive operating leverage, where the company increased its operational efficiency and grew its operating margin from roughly 5.5% in early 2018 to nearly 20% by early 2024.
Financial Income Shift: A notable transition occurred in the net interest position. From 2018 through 2020, the company consistently reported net interest expenses. However, starting in 2021, this shifted to net interest income, which accelerated significantly in 2023 and 2024, reaching 16 million USD in April 2024. This suggests a shift toward a stronger cash position or a more favorable investment environment.
Net Earnings Evolution: Net earnings reflect the combined impact of revenue growth and margin expansion. Quarterly net income rose from a range of 45 million to 166 million USD in 2018 to a range of 156 million to 402 million USD in the latter half of the period. The consistency of these higher earnings levels indicates a sustained improvement in the overall profitability profile of the organization.

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Williams-Sonoma Inc. (NYSE:WSM)

Income StatementQuarterly Data

Income Statement
Quarterly Data