Brand Comps Remain on Upswing at Williams-Sonoma; Shares Still Undervalued
Narrow-moat retailer Williams-Sonoma's second-quarter results reinforced our thesis that the company remains one of the best competitively positioned home furnishing operators, with potential incremental market share gains ahead. Supported by the positive economic fundamentals supporting housing turnover (driving new furniture purchases), we think the portfolio of brands under the Williams-Sonoma umbrella still has the broadest income and age demographic reach of many of the operators in the hom...Williams-Sonoma is a retailer of products for the home. The company has two reportable segments, e-commerce and retail. The e-commerce segment has the following merchandise strategies: Williams Sonoma, Pottery Barn, Pottery Barn Kids, West Elm, PBteen, Williams Sonoma Home, Rejuvenation and Mark and Graham, which sell the company's products through its e-commerce websites and direct-mail catalogs. The retail segment, which includes the company's franchise operations, has the following merchandise strategies: Williams Sonoma, Pottery Barn, Pottery Barn Kids, West Elm and Rejuvenation, which sell the company's products through its retail stores.
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