Williams Sonoma Retreats After Climbing to a Record Amid Earnings Beat
$Williams-Sonoma (WSM.US)$ shares retreated after climbing to an intra-day record $348.51 amid mixed quarterly results and a wider stock market sell-off.
The upscale home-goods retailer earlier saw its shares climbed as much as 10.6 after reporting first quarter earnings and revenue that beat analysts' estimates. The gains didn't hold as the rest of the stock market trended lower.
Adjusted earnings reached $4.07 per share for the three months ended April 28, the company said in a press release Wednesday morning. Analysts surveyed by FactSet, on average, expected adjusted EPS of $2.70, MT Newswires reported. While revenue fell to $1.66 billion from $176 billion a year earlier, that's still above the $1.65 billion expected by analysts polled by Capital IQ.
Revenue from Pottery Barn slipped 11% to $677 million. That missed the $714.33 million average estimate of three analysts, according to Yahoo Finance.
The stock retreated as the $S&P 500 Index (.SPX.US)$ slipped 0.5% and the $Nasdaq Composite Index (.IXIC.US)$ declined 0.4%. The $Dow Jones Industrial Average (.DJI.US)$ lost 0.7%. More than 9,000 US stocks declined, more than twice as many as the gainers, according to data compiled by moomoo.
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Former editor at Bloomberg, ex-commentary editor at Lazard. Posts aren’t investment advice. Views are just mine.
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