Williams-Sonoma Inc. posted lackluster sales for its fiscal third quarter and gave a downbeat current-quarter forecast as the retailer faced retreating sales at its Pottery Barn brand.
The company's overall comparable-brand sales retreated 0.4%. Analysts polled by FactSet had expected same-store sales to grow 1.4%. Williams-Sonoma had forecast a range of flat same-store sales to a climb of 4%.
Comparable-brand sales at Pottery Barn, the company's largest arm by revenue, retreated 4.6% during the third quarter. Comparable-brand revenue tracks same-store sales as well as online sales.
The company also said it expects earnings on a per-sharebasis for the current quarter between $1.45 and $1.55, while analysts forecast $1.59. The company expects revenue in the range of $1.57 billion to $1.65 billion, while analysts forecast $1.64 billion.
Shares of the San Francisco company slipped 3.2%, to $51.90, in after-hours trading Thursday.
Over all, Williams-Sonoma earned $69.4 million, down from $70.5 million a year ago. Earnings on a per-share basis were nearly flat at 78 cents, up a penny from a year earlier. Excluding certain items, earnings were 79 cents.
Revenue rose 1.1%, to $1.25 billion.
For the latest quarter, the company expected adjusted profit between 75 cents and 80 cents a share on revenue in the range of $1.24 billion to $1.29 billion.
Analysts surveyed by Thomson Reuters projected earnings of 77 cents a share on $1.26 billion in revenue.
The company has faced increased competition in a crowded sector from rivals such as Restoration Hardware Holdings Inc. and Crate & Barrel.
Write to Ezequiel Minaya at email@example.com
(END) Dow Jones Newswires
November 17, 2016 18:55 ET (23:55 GMT)
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