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Declining Sales, Higher Costs Hurt Williams-Sonoma's Net
By Donna Kardos
Word Count: 551 | Companies Featured in This Article: Williams-Sonoma
Williams-Sonoma Inc. reported a 42% drop in fiscal first-quarter net income amid same-store sales drops at all its segments.
In addition, the home-goods retailer lowered its revenue guidance for the current quarter and year as Chairman and Chief Executive Howard Lester said the company is looking at the rest of the year "with a more cautious outlook" based on continued economic weakness and "industrywide sales declines."
For the quarter ended May 4, the operator of its namesake, Pottery Barn and West Elm stores reported net income of $10.4 million, or 10 cents a share, down from $18.2 million, or 16 ...
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