Third quarter drives Williams-Sonoma into the red

Struggling US retail housewares giant Williams-Sonoma has today reported a loss and flagging sales in the third quarter.
The $11m loss compared with a profit of $27.1m in the same period a year earlier.

Sales for the quarter to November 2 slumped 16% to $752.1m from $895.1m in the previous year.

Revenue from stores fell to $424.4m from $494.3m, reflecting tough times across the Pottery Barn and Pottery Barn Kids brands in particular, but also the Williams-Sonoma and Williams-Sonoma Home brands. Like-for-like sales were down 21.4%.

Catalogue and Internet business declined 18.3% to $327.7m from $400.9m in the same period in 2007.

The third quarter results follow similarly dismal results in the second quarter, which wiped 29% off profits.

The company said it expected the poor trends to continue into next year.

Check Also

BIRA partners with Funding Circle

In an exciting development for small businesses across the United Kingdom, the British Independent Retailers …