Williams-Sonoma, Inc. (WSM: 24.97 -0.52 -2.04%) analysts raised forecasts after the company doubled earnings expectations.
Williams-Sonoma is a higher-end retailer that operates under brands that include Williams-Sonoma, Pottery Barn and others. Items are purchased through over 600 stores, catalogs and the company’s websites.
Estimates Still Climbing
Since I originally wrote about Williams-Sonoma in late Mach we have seen 22 more upward estimate revisions for fiscal 2011 and 2012. The Zacks Consensus Estimate for this year up a quarter to $1.56.
Projections for fiscal 2012 are averaging $1.77, up 25 cents as well. Given the 95 cents earned last year, analysts are expecting a 65% growth rate this year, followed up by 13% next year.
Beat the Street
Estimates were jump started by the May 20th earnings surprise. Williams-Sonoma brought in 17% more revenue, to $717.6 million, beating Wall Street’s expectation of $675.6.
Net income came in at in $19.5 million, up from a loss a year before that. Net income broke down to 23 cents per share, more than doubling th 11 cents that was expected.
Williams-Sonoma is no stranger to surprising, as this marked the seventh consecutive surprise. Additionally, the company has not missed expectations in the past 5 years.