Williams-Sonoma's brand intangible asset offers defensible profit growth ahead.
Narrow-moat Williams-Sonoma’s first-quarter results confirm our thesis that tactical spending continues to persist across the consumer discretionary space, and that home improvement has the ability to outperform with the right merchandising intact. Despite the consistent demand the firm has captured, we believe it has maintained its full-year outlook for two reasons. First, consumer spending has become more unpredictable, and further, because the second half represents roughly 60% of full-year s...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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