Selected Financial Data
since 2005
Income Statement
Williams-Sonoma Inc., selected items from income statement, long-term trends
US$ in thousands
| 12 months ended: | Net revenues | Operating income | Net earnings |
|---|---|---|---|
| Jan 28, 2024 | 7,750,652) | 1,244,193) | 949,762) |
| Jan 29, 2023 | 8,674,417) | 1,498,422) | 1,127,904) |
| Jan 30, 2022 | 8,245,936) | 1,453,116) | 1,126,337) |
| Jan 31, 2021 | 6,783,189) | 910,697) | 680,714) |
| Feb 2, 2020 | 5,898,008) | 465,874) | 356,062) |
| Feb 3, 2019 | 5,671,593) | 435,953) | 333,684) |
| Jan 28, 2018 | 5,292,359) | 453,811) | 259,545) |
| Jan 29, 2017 | 5,083,812) | 472,599) | 305,387) |
| Jan 31, 2016 | 4,976,090) | 488,634) | 310,068) |
| Feb 1, 2015 | 4,698,719) | 502,265) | 308,854) |
| Feb 2, 2014 | 4,387,889) | 452,098) | 278,902) |
| Feb 3, 2013 | 4,042,870) | 409,163) | 256,730) |
| Jan 29, 2012 | 3,720,895) | 381,732) | 236,931) |
| Jan 30, 2011 | 3,504,158) | 323,414) | 200,227) |
| Jan 31, 2010 | 3,102,704) | 121,442) | 77,442) |
| Feb 1, 2009 | 3,361,472) | —) | 30,024) |
| Feb 3, 2008 | 3,944,934) | —) | 195,757) |
| Jan 28, 2007 | 3,727,513) | —) | 208,868) |
| Jan 29, 2006 | 3,538,947) | —) | 214,866) |
| Jan 30, 2005 | 3,136,931) | —) | 191,234) |
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), 10-K (reporting date: 2018-01-28), 10-K (reporting date: 2017-01-29), 10-K (reporting date: 2016-01-31), 10-K (reporting date: 2015-02-01), 10-K (reporting date: 2014-02-02), 10-K (reporting date: 2013-02-03), 10-K (reporting date: 2012-01-29), 10-K (reporting date: 2011-01-30), 10-K (reporting date: 2010-01-31), 10-K (reporting date: 2009-02-01), 10-K (reporting date: 2008-02-03), 10-K (reporting date: 2007-01-28), 10-K (reporting date: 2006-01-29), 10-K (reporting date: 2005-01-30).
The financial performance from 2005 to 2024 is characterized by a long-term growth trajectory in revenues, punctuated by a significant contraction during the 2009-2010 period and a period of accelerated profitability between 2020 and 2023.
- Revenue Analysis
- Net revenues grew from 3.14 billion USD in 2005 to a peak of 8.67 billion USD in 2023. A notable cyclical downturn occurred between 2008 and 2010, where revenues fell from 3.94 billion USD to 3.10 billion USD. Following this trough, a consistent upward trend was maintained for over a decade. However, the most recent period shows a contraction, with 2024 revenues declining to 7.75 billion USD, representing a decrease of approximately 10.6% from the 2023 peak.
- Operating Income Trends
- Operating income exhibited three distinct phases starting from 2010. Between 2010 and 2015, there was a steady increase from 121 million USD to 502 million USD. This was followed by a period of stagnation from 2016 to 2020, where operating income fluctuated between 435 million USD and 488 million USD despite rising revenues, suggesting a compression of operating margins. A significant pivot occurred in 2021, with operating income surging to 910 million USD and peaking at 1.50 billion USD in 2023, indicating a substantial increase in operational efficiency and profitability. This figure retracted to 1.24 billion USD in 2024.
- Net Earnings and Profitability
- Net earnings demonstrated high volatility in the early period, dropping sharply from 195 million USD in 2008 to 30 million USD in 2009. After a recovery period where earnings stabilized between 259 million USD and 333 million USD (2017-2019), an exponential increase was observed. Net earnings rose from 356 million USD in 2019 to a peak of 1.13 billion USD in 2023. The growth in net earnings between 2020 and 2023 significantly outpaced revenue growth, suggesting a marked improvement in net profit margins during this window. Earnings moderated to 949 million USD in 2024.
Overall, the data reveals a transition from a moderate-growth business model to a high-margin operation peaking in 2023. The synchronization of declines in revenue, operating income, and net earnings in 2024 suggests a systemic cooling of demand or a correction following the exceptional growth observed during the 2020-2023 period.
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Balance Sheet: Assets
Williams-Sonoma Inc., selected items from assets, long-term trends
US$ in thousands
| Current assets | Total assets | |
|---|---|---|
| Jan 28, 2024 | 2,719,797) | 5,273,548) |
| Jan 29, 2023 | 2,036,080) | 4,663,016) |
| Jan 30, 2022 | 2,323,894) | 4,625,620) |
| Jan 31, 2021 | 2,467,080) | 4,661,424) |
| Feb 2, 2020 | 1,755,635) | 4,054,042) |
| Feb 3, 2019 | 1,694,343) | 2,812,844) |
| Jan 28, 2018 | 1,636,445) | 2,785,749) |
| Jan 29, 2017 | 1,367,180) | 2,476,879) |
| Jan 31, 2016 | 1,336,100) | 2,417,427) |
| Feb 1, 2015 | 1,391,923) | 2,330,277) |
| Feb 2, 2014 | 1,419,103) | 2,336,734) |
| Feb 3, 2013 | 1,316,772) | 2,187,679) |
| Jan 29, 2012 | 1,276,366) | 2,060,838) |
| Jan 30, 2011 | 1,347,594) | 2,131,762) |
| Jan 31, 2010 | 1,180,193) | 2,079,169) |
| Feb 1, 2009 | 940,673) | 1,935,464) |
| Feb 3, 2008 | 1,049,775) | 2,093,854) |
| Jan 28, 2007 | 1,100,963) | 2,048,331) |
| Jan 29, 2006 | 1,083,164) | 1,981,620) |
| Jan 30, 2005 | 873,765) | 1,745,545) |
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), 10-K (reporting date: 2018-01-28), 10-K (reporting date: 2017-01-29), 10-K (reporting date: 2016-01-31), 10-K (reporting date: 2015-02-01), 10-K (reporting date: 2014-02-02), 10-K (reporting date: 2013-02-03), 10-K (reporting date: 2012-01-29), 10-K (reporting date: 2011-01-30), 10-K (reporting date: 2010-01-31), 10-K (reporting date: 2009-02-01), 10-K (reporting date: 2008-02-03), 10-K (reporting date: 2007-01-28), 10-K (reporting date: 2006-01-29), 10-K (reporting date: 2005-01-30).
The balance sheet exhibits a sustained long-term expansion in both current and total assets over the twenty-year period ending January 28, 2024. Total assets grew from 1.75 billion USD in 2005 to 5.27 billion USD in 2024, representing a significant increase in the company's overall resource base. This growth occurred in distinct phases, characterized by a period of moderate stability followed by a period of rapid escalation starting in 2020.
- Total Asset Growth Patterns
- Between 2005 and 2019, total assets followed a gradual upward trajectory, increasing from 1.75 billion USD to 2.81 billion USD. A sharp acceleration occurred between 2019 and 2021, where assets surged from 2.81 billion USD to 4.66 billion USD. This period marks the most significant expansion in the company's asset base. Following this spike, assets remained relatively stable between 2021 and 2023 before climbing to a peak of 5.27 billion USD in 2024.
- Current Asset Volatility and Trends
- Current assets demonstrated more frequent fluctuations than total assets. An initial growth phase from 2005 to 2007 was followed by a contraction during the 2008-2009 period, with values dropping from 1.05 billion USD to 941 million USD. A subsequent recovery led to a period of slow growth until 2017. A notable increase is observed in 2021, where current assets rose to 2.47 billion USD from 1.76 billion USD in 2020. Although a slight decline occurred in 2022 and 2023, current assets reached their highest recorded level of 2.72 billion USD in 2024.
- Asset Composition and Liquidity Shift
- The relationship between current assets and total assets indicates shifts in the balance sheet structure. In 2005, current assets constituted approximately 50% of total assets. This proportion remained relatively consistent until 2019. However, in 2020, current assets represented a lower percentage (approximately 43%) of total assets, suggesting a significant increase in non-current assets during that fiscal year. By 2024, the ratio returned to approximately 51%, indicating a realignment of the asset structure toward liquidity.
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Balance Sheet: Liabilities and Stockholders’ Equity
Williams-Sonoma Inc., selected items from liabilities and stockholders’ equity, long-term trends
US$ in thousands
| Current liabilities | Total liabilities | Long-term debt | Stockholders’ equity | |
|---|---|---|---|---|
| Jan 28, 2024 | 1,880,315) | 3,145,687) | —) | 2,127,861) |
| Jan 29, 2023 | 1,636,451) | 2,961,965) | —) | 1,701,051) |
| Jan 30, 2022 | 1,771,686) | 2,961,413) | —) | 1,664,207) |
| Jan 31, 2021 | 1,848,000) | 3,010,239) | 299,350) | 1,651,185) |
| Feb 2, 2020 | 1,609,555) | 2,818,182) | 299,818) | 1,235,860) |
| Feb 3, 2019 | 1,074,812) | 1,657,130) | 299,620) | 1,155,714) |
| Jan 28, 2018 | 1,007,823) | 1,582,183) | 299,422) | 1,203,566) |
| Jan 29, 2017 | 961,256) | 1,228,659) | —) | 1,248,220) |
| Jan 31, 2016 | 996,427) | 1,219,201) | —) | 1,198,226) |
| Feb 1, 2015 | 875,948) | 1,105,571) | 1,968) | 1,224,706) |
| Feb 2, 2014 | 861,096) | 1,080,732) | 3,753) | 1,256,002) |
| Feb 3, 2013 | 657,127) | 878,541) | 5,477) | 1,309,138) |
| Jan 29, 2012 | 571,799) | 805,576) | 7,273) | 1,255,262) |
| Jan 30, 2011 | 611,716) | 872,899) | 8,672) | 1,258,863) |
| Jan 31, 2010 | 563,482) | 867,574) | 10,259) | 1,211,595) |
| Feb 1, 2009 | 460,737) | 787,480) | 24,961) | 1,147,984) |
| Feb 3, 2008 | 611,534) | 928,131) | 25,972) | 1,165,723) |
| Jan 28, 2007 | 627,734) | 896,900) | 28,675) | 1,151,431) |
| Jan 29, 2006 | 590,392) | 856,302) | 33,354) | 1,125,318) |
| Jan 30, 2005 | 522,157) | 787,883) | 42,589) | 957,662) |
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), 10-K (reporting date: 2018-01-28), 10-K (reporting date: 2017-01-29), 10-K (reporting date: 2016-01-31), 10-K (reporting date: 2015-02-01), 10-K (reporting date: 2014-02-02), 10-K (reporting date: 2013-02-03), 10-K (reporting date: 2012-01-29), 10-K (reporting date: 2011-01-30), 10-K (reporting date: 2010-01-31), 10-K (reporting date: 2009-02-01), 10-K (reporting date: 2008-02-03), 10-K (reporting date: 2007-01-28), 10-K (reporting date: 2006-01-29), 10-K (reporting date: 2005-01-30).
An examination of the financial structure reveals a consistent expansion in both total liabilities and stockholders' equity over the twenty-year period from 2005 to 2024. Total liabilities grew from approximately $787.9 million in 2005 to $3.15 billion by 2024. A significant shift in the liability profile occurred between 2019 and 2020, where total liabilities increased by approximately 70% in a single year, primarily driven by a surge in current liabilities.
- Liability Composition and Trends
- Current liabilities constitute the vast majority of the total liability burden. These obligations grew steadily from $522.2 million in 2005 to $1.88 billion in 2024. The most pronounced acceleration occurred between February 2019 and February 2020, with current liabilities rising from $1.07 billion to $1.61 billion, indicating a substantial increase in short-term financial obligations during that window.
- Long-term Debt Evolution
- The company's approach to long-term debt underwent several distinct phases. From 2005 to 2015, long-term debt was aggressively reduced from $42.6 million to just $1.97 million. After a period of negligible or unreported long-term debt in 2016 and 2017, the company reintroduced significant long-term borrowing in 2018, maintaining a stable balance of approximately $300 million through 2021.
- Stockholders' Equity Growth
- Stockholders' equity demonstrated a long-term upward trajectory, increasing from $957.7 million in 2005 to $2.13 billion in 2024. While growth was gradual for the first fifteen years, a notable acceleration is observed after 2020, with equity rising from $1.24 billion in 2020 to $2.13 billion by 2024, suggesting strong internal capital accumulation or strategic equity increases in the latter part of the period.
- Solvency and Leverage Observations
- Despite the increase in total liabilities, the simultaneous growth in stockholders' equity has helped maintain a balanced capital structure. The sharp increase in liabilities observed in 2020 was eventually countered by a substantial increase in equity between 2021 and 2024, which improved the overall equity position relative to total obligations.
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Cash Flow Statement
Williams-Sonoma Inc., selected items from cash flow statement, long-term trends
US$ in thousands
| 12 months ended: | Net cash provided by operating activities | Net cash used in investing activities | Net cash used in financing activities |
|---|---|---|---|
| Jan 28, 2024 | 1,680,273) | (188,257) | (598,307) |
| Jan 29, 2023 | 1,052,822) | (353,955) | (1,178,673) |
| Jan 30, 2022 | 1,371,147) | (226,247) | (1,491,985) |
| Jan 31, 2021 | 1,274,848) | (168,884) | (343,019) |
| Feb 2, 2020 | 607,294) | (185,548) | (327,226) |
| Feb 3, 2019 | 585,986) | (187,899) | (450,066) |
| Jan 28, 2018 | 499,704) | (269,760) | (51,707) |
| Jan 29, 2017 | 524,709) | (196,975) | (305,806) |
| Jan 31, 2016 | 544,026) | (202,166) | (369,383) |
| Feb 1, 2015 | 461,697) | (188,600) | (379,020) |
| Feb 2, 2014 | 453,769) | (190,624) | (355,376) |
| Feb 3, 2013 | 364,127) | (206,815) | (236,445) |
| Jan 29, 2012 | 291,334) | (157,704) | (259,039) |
| Jan 30, 2011 | 355,989) | (63,995) | (178,315) |
| Jan 31, 2010 | 490,718) | (71,230) | (55,498) |
| Feb 1, 2009 | 230,163) | (144,039) | (52,160) |
| Feb 3, 2008 | 245,539) | (197,250) | (208,482) |
| Jan 28, 2007 | 309,114) | (189,287) | (206,027) |
| Jan 29, 2006 | 348,373) | (151,788) | (75,808) |
| Jan 30, 2005 | 304,437) | (181,453) | (48,207) |
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), 10-K (reporting date: 2018-01-28), 10-K (reporting date: 2017-01-29), 10-K (reporting date: 2016-01-31), 10-K (reporting date: 2015-02-01), 10-K (reporting date: 2014-02-02), 10-K (reporting date: 2013-02-03), 10-K (reporting date: 2012-01-29), 10-K (reporting date: 2011-01-30), 10-K (reporting date: 2010-01-31), 10-K (reporting date: 2009-02-01), 10-K (reporting date: 2008-02-03), 10-K (reporting date: 2007-01-28), 10-K (reporting date: 2006-01-29), 10-K (reporting date: 2005-01-30).
The cash flow profile demonstrates a significant evolution in liquidity generation and capital allocation over the analyzed period. While the first fifteen years were characterized by moderate stability and gradual growth, the most recent four years exhibit a substantial acceleration in operating cash flows and a corresponding increase in financing outflows.
- Operating Cash Flow Trends
- Net cash provided by operating activities showed steady performance between 2005 and 2017, generally fluctuating between 230 million and 544 million. A pivotal shift occurred after February 2020, where cash generation entered a period of rapid expansion. Operating cash flow more than doubled between 2020 and 2021, reaching 1.27 billion, and peaked at 1.68 billion in January 2024. This trajectory indicates a marked increase in the company's ability to generate cash from its core business operations.
- Investing Activity Patterns
- Cash used in investing activities remained consistently negative, reflecting ongoing capital expenditures. For much of the period, these outflows ranged between 60 million and 270 million. A notable peak in investing outflows occurred in January 2023, reaching approximately 354 million, before returning to 188 million in 2024. The relative stability of these outflows compared to the surge in operating cash suggests that the company is maintaining a disciplined approach to capital investment relative to its growing cash reserves.
- Financing Activity Dynamics
- Financing activities have been characterized by continuous net outflows, indicating a consistent return of capital to shareholders or the repayment of debt. While outflows were relatively contained until 2021, there was a dramatic escalation in January 2022 and January 2023, with outflows reaching 1.49 billion and 1.18 billion respectively. This surge aligns with the peak in operating cash flows, suggesting a strategic decision to distribute excess liquidity. By January 2024, financing outflows moderated to 598 million.
- Comprehensive Cash Flow Relationship
- The relationship between the three cash flow components reveals a transition toward a high-liquidity model. In the earlier years, operating cash flow comfortably covered investing and financing needs. In the most recent period, the scale of operations has increased to a point where the company can fund significant financing activities—exceeding 1 billion in certain years—while continuing to invest in the business and maintaining a positive net cash position from operations.
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Per Share Data
Williams-Sonoma Inc., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Jan 28, 2024 | 14.71 | 14.55 | 3.60 |
| Jan 29, 2023 | 16.58 | 16.32 | 3.12 |
| Jan 30, 2022 | 15.17 | 14.75 | 2.60 |
| Jan 31, 2021 | 8.81 | 8.61 | 2.02 |
| Feb 2, 2020 | 4.56 | 4.49 | 1.92 |
| Feb 3, 2019 | 4.10 | 4.05 | 1.72 |
| Jan 28, 2018 | 3.03 | 3.02 | 1.56 |
| Jan 29, 2017 | 3.45 | 3.41 | 1.48 |
| Jan 31, 2016 | 3.42 | 3.37 | 1.40 |
| Feb 1, 2015 | 3.30 | 3.24 | 1.32 |
| Feb 2, 2014 | 2.89 | 2.82 | 1.24 |
| Feb 3, 2013 | 2.59 | 2.54 | 0.88 |
| Jan 29, 2012 | 2.27 | 2.22 | 0.73 |
| Jan 30, 2011 | 1.87 | 1.83 | 0.58 |
| Jan 31, 2010 | 0.73 | 0.72 | 0.48 |
| Feb 1, 2009 | 0.28 | 0.28 | 0.48 |
| Feb 3, 2008 | 1.79 | 1.76 | 0.46 |
| Jan 28, 2007 | 1.83 | 1.79 | 0.40 |
| Jan 29, 2006 | 1.86 | 1.81 | 0.00 |
| Jan 30, 2005 | 1.65 | 1.60 | 0.00 |
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), 10-K (reporting date: 2018-01-28), 10-K (reporting date: 2017-01-29), 10-K (reporting date: 2016-01-31), 10-K (reporting date: 2015-02-01), 10-K (reporting date: 2014-02-02), 10-K (reporting date: 2013-02-03), 10-K (reporting date: 2012-01-29), 10-K (reporting date: 2011-01-30), 10-K (reporting date: 2010-01-31), 10-K (reporting date: 2009-02-01), 10-K (reporting date: 2008-02-03), 10-K (reporting date: 2007-01-28), 10-K (reporting date: 2006-01-29), 10-K (reporting date: 2005-01-30).
1, 2, 3 Data adjusted for splits and stock dividends.
The long-term financial trajectory is characterized by substantial earnings growth and a consistent expansion of shareholder distributions over a twenty-year period.
- Earnings Per Share Trends
- Basic and diluted earnings per share followed a closely mirrored pattern of volatility and growth. A significant contraction is observed in 2009, where basic EPS dropped to 0.28 from 1.79 in 2008. Following this trough, a steady recovery phase occurred, with earnings increasing from 0.73 in 2010 to 3.45 by 2017. An exponential acceleration occurred between 2020 and 2023, with basic EPS rising from 4.56 to a peak of 16.58, before moderating to 14.71 in 2024.
- Dividend Distribution Analysis
- Dividend payments were initiated in 2007 at 0.40 per share and have maintained an uninterrupted upward trajectory through 2024. Notably, dividend growth persisted even during the earnings collapse of 2009, indicating a resilient payout policy. The rate of increase accelerated in the most recent years, growing from 2.02 in 2021 to 3.60 in 2024.
- Dilution Impact
- The variance between basic and diluted earnings per share remains narrow throughout the entire duration of the analysis. This minimal gap suggests that the impact of potentially dilutive securities is low, as both metrics maintain a near-perfect correlation across all reported years.
The alignment of rapidly increasing earnings and a disciplined, ever-increasing dividend policy reflects a period of significant scale expansion and sustained capital return to shareholders, particularly evident in the growth spike observed between 2021 and 2023.
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