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
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).
- Net Revenues
- Net revenues exhibited a generally cyclical pattern with marked seasonal fluctuations. Noticeable peaks occurred in February quarters, notably in Feb 3, 2019 and Feb 2, 2020, reaching values above $1.8 billion. More recent quarters have exhibited variability, with revenues dropping significantly in Apr 28, 2024 to $1.66 billion after a peak of $2.5 billion in Jan 30, 2022. The overall trend displays growth through early 2022 followed by increased volatility.
- Cost of Goods Sold (COGS)
- COGS fluctuated in tandem with revenues but maintained a slightly lower rate of growth. The cost pattern mirrored revenue peaks, with the highest absolute costs recorded in Feb periods, such as $1.37 billion in Jan 30, 2022. Despite some declines aligned with revenue downturns, COGS remained substantial, indicating consistent expenditure control but reflecting the cost impact of revenue variability.
- Gross Profit
- Gross profit followed revenue patterns but demonstrated some improvement in margin in certain periods, particularly from 2019 onwards. The highest gross profit was recorded at $1.13 billion in Jan 30, 2022, indicating efficient cost management relative to revenues during peaks. However, subsequent quarters showed decreased gross profit despite revenue fluctuations, suggesting margin compression in some recent periods.
- Selling, General and Administrative Expenses (SG&A)
- SG&A expenses remained relatively stable in absolute terms but showed some increases corresponding to higher revenue quarters. Expenses consistently ranged around $400 million to $600 million, with notable spikes in quarters with record revenues, such as Jan 30, 2022. This trend indicates ongoing investment in sales and administrative functions aligned with business scale.
- Operating Income
- Operating income displayed a strong uptrend from 2018 through early 2022, reaching a peak of $524.6 million in Jan 30, 2022. Thereafter, it became more variable but stayed at elevated levels compared to earlier years, reflecting overall improved operational efficiency. The periods with lower revenues correlate with corresponding dips in operating income, illustrating sensitivity to top-line performance.
- Interest Income (Expense), Net
- Net interest expense was generally negative through 2018 and the first half of 2019 but shifted into net income territory from Aug 1, 2021 onward, peaking at $16 million in Apr 28, 2024. This change suggests effective interest management or investment income growth, improving net income contributions from financial activities.
- Earnings Before Income Taxes (EBT)
- EBT trends closely followed operating income patterns, showing sharp increases between 2018 and early 2022, with a peak of over $524 million in Jan 30, 2022. Despite some subsequent volatility, earnings before taxes remained elevated, indicating consistent profitability before tax considerations.
- Income Taxes
- Income tax expenses fluctuated significantly in line with earnings before taxes. Peaks in tax expense occurred concurrently with peak earnings, such as $121.7 million in Jan 30, 2022. Recent quarters displayed some reduction in tax expense correlating with earnings volatility, which potentially reflects variations in taxable income or tax planning measures.
- Net Earnings
- Net earnings reflected considerable growth from 2018 levels, culminating in a peak of approximately $403 million in Jan 30, 2022. Following this apex, net earnings showed variability but generally maintained higher baseline levels than earlier periods. The data indicate effective margin management and operational leverage, although the later quarters exhibit more restrained growth or slight declines amid revenue volatility.