Competitive environment tempers 2017 growth at Williams-Sonoma despite supply chain gains.
Given the cadence of promotional spend by retailers recently, we expected weak gross margin results at narrow moat Williams-Sonoma; however, the firm bucked the trend thanks to improving merchandise margin. With a secular shift in consumer behavior since the last recession, as end users wait more patiently for discounts, expanding the gross margin solely through pricing could remain difficult. However, efficiencies across the supply chain allow the ratio to rise to 37.9% over our forecast, avera...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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