Weak Performance at Pottery Barn Weighs on Williams-Sonoma Earnings Power; Shares Undervalued
Narrow moat Williams-Sonoma delivered tepid third-quarter comp declines of 0.4%, hindered by results in the Pottery Barn brand. Pottery Barn (representing 42% of 2015 sales) generated comp declines of 4.6%, while PBkids (13% of sales) experienced comp declines of 1%. The bright spot in the firm’s performance came from the West Elm brand (16% of sales), which delivered comp growth of 12%. In our view, the top-line drivers of the business ahead remain West Elm, International,  and white space exte...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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