Williams-Sonoma 4Q profit falls 90 percent

March 24, 2009 7:17:54 AM PDT
Williams-Sonoma says its fourth-quarter profit fell 90 percent as it closed underperforming stores and laid off workers amid the recession. The San Francisco-based retailer of high-end house wares earned $12.2 million, or 12 cents per share, down from $124.6 million, or $1.15 per share, in the same quarter a year earlier.

Revenue for the period ended Feb. 1 fell 27 percent to $1.01 billion from $1.37 billion.

Excluding one-time costs for store closures, severance and lease terminations, Williams-Sonoma Inc. recorded profit of 31 cents per share in the latest quarter.

Analysts polled by Thomson Reuters, whose estimates usually exclude one-time charges, expected profit of 16 cents per share on revenue of $976 million.

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