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.

Morey money-related links:

Follow Action News on Twitter

Get Action News on your website

Follow Action News on Facebook

Click here to get the latest Philadelphia news and headlines from across the Delaware and Lehigh valleys.