Williams-Sonoma says it will miss the Street
Home-furnishings retailer Williams-Sonoma Inc. said Thursday it expects fiscal 2008 earnings to come in below analysts’ estimates.
The company anticipates full-year net income in a range of $1.42 per share to $1.56 per share on revenue between $3.79 billion to $3.88 billion.
Analysts surveyed by Thomson Financial predict a profit of $1.63 per share on sales of $3.95 billion. Estimates typically exclude one-time items.
Williams-Sonoma forecast first-quarter earnings in a range of break-even to 3 cents per share.
Consensus estimates put net income at 12 cents per share.
Chairman and Chief Executive Howard Lester said in a statement that Williams-Sonoma is taking a cautious stance for the year due to uncertain economic conditions no fax payday advance. Many sectors have struggled as consumers tighten spending due to the ongoing housing downturn, eroding credit, rising fuel costs and recession worries.
Williams-Sonoma (WSM) plans to add 29 new stores, with 12 for its West Elm unit, and expand or remodel an additional 20 stores.