: : Williams-Sonoma stock rallies after profit beat expectations, dividend raised to boost yield above 3% #FinanceUSA #StockMarketNEWS Shares of Williams-Sonoma Inc. WSM climbed 3.3% in premarket trading
@stockMarketNEWS 8 Days ago
: Williams-Sonoma stock rallies after profit beat expectations, dividend raised to boost yield above 3% #FinanceUSA #StockMarketNEWS
Shares of Williams-Sonoma Inc. WSM climbed 3.3% in premarket trading Thursday, after the home products retailer reported fiscal fourth-quarter profit that beat expectations even as revenue missed, and raised its dividend by 15%. Net income fell to 5.0 million, or .28 a share, from 2.9 million, or .41 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of .50 beat the FactSet consensus of .46. Revenue slipped 1.9% to .45 billion, below the FactSet consensus of .61 billion, as Pottery Barn revenue rose 5.0% to 7 million, while Williams Sonoma revenue fell 5.1% and West Elm revenue dropped 10.7%. Separately, the company raised its quarterly dividend to 90 cents a share from 78 cents, with the new dividend payable May 26 to shareholders of record on April 21. Based on Wednesday’s stock closing price of 8.61, the new annual dividend rate implies a dividend yield of 3.04%, compared with the implied yield for the S&P 500 SPX of 1.75%. The company also set a new stock repurchase program of billion, which represents 12.7% of the company’s market capitalization. The stock has gained 6.2% over the past three months while the S&P 500 has tacked on 1.0%.
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