QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) | |
(Address of principal executive offices) |
(Zip Code) |
Title of each class: |
Trading Symbol(s): |
Name of each exchange on which registered: | ||
☒ |
Accelerated filer |
☐ | ||||
Non-accelerated filer |
☐ |
Smaller reporting company |
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Emerging growth company |
PAGE |
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Item 1. | Financial Statements | 1 | ||||
Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 17 | ||||
Item 3. | Quantitative and Qualitative Disclosures About Market Risk | 23 | ||||
Item 4. | Controls and Procedures | 24 | ||||
PART II. OTHER INFORMATION |
||||||
Item 1. | Legal Proceedings | 25 | ||||
Item 1A. | Risk Factors | 25 | ||||
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | 26 | ||||
Item 3. | Defaults Upon Senior Securities | 26 | ||||
Item 4. | Mine Safety Disclosures | 26 | ||||
Item 5. | Other Information | 26 | ||||
Item 6. | Exhibits | 27 |
Thirteen Weeks Ended |
Thirty-nine Weeks Ended |
|||||||||||||||
In thousands, except per share amounts |
November 1, 2020 |
November 3, 2019 |
November 1, 2020 |
November 3, 2019 |
||||||||||||
Net revenues |
$ | $ |
$ | $ |
||||||||||||
Cost of goods sold |
||||||||||||||||
Gross profit |
||||||||||||||||
Selling, general and administrative expenses |
||||||||||||||||
Operating income |
||||||||||||||||
Interest expense, net |
||||||||||||||||
Earnings before income taxes |
||||||||||||||||
Income taxes |
||||||||||||||||
Net earnings |
$ | $ | $ | $ | ||||||||||||
Basic earnings per share |
$ | $ | $ | $ | ||||||||||||
Diluted earnings per share |
$ | $ | $ | $ | ||||||||||||
Shares used in calculation of earnings per share: |
||||||||||||||||
Basic |
||||||||||||||||
Diluted |
||||||||||||||||
|
|
|
|
|
|
|
|
Thirteen Weeks Ended |
Thirty-nine Weeks Ended |
|||||||||||||||
In thousands |
November 1, 2020 |
November 3, 2019 |
November 1, 2020 |
November 3, 2019 |
||||||||||||
Net earnings |
$ |
$ |
$ |
$ |
||||||||||||
Other comprehensive income (loss): |
||||||||||||||||
Foreign currency translation adjustments |
( |
) | ( |
) | ||||||||||||
Change in fair value of derivative financial instruments, net of tax (tax benefit) of $ |
||||||||||||||||
Reclassification adjustment for realized gain on derivative financial instruments, net of tax of $ |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Comprehensive income |
$ | $ | |
$ | $ | |
||||||||||
|
|
|
|
|
|
|
|
In thousands, except per share amounts |
November 1, 2020 |
February 2, 2020 |
November 3, 2019 |
|||||||||
ASSETS |
||||||||||||
Current assets |
||||||||||||
Cash and cash equivalents |
$ | $ | $ | |||||||||
Accounts receivable, net |
||||||||||||
Merchandise inventories, net |
||||||||||||
Prepaid expenses |
||||||||||||
Other current assets |
||||||||||||
Total current assets |
||||||||||||
Property and equipment, net |
||||||||||||
Operating lease right-of-use |
||||||||||||
Deferred income taxes, net |
||||||||||||
Goodwill |
||||||||||||
Other long-term assets, net |
||||||||||||
Total assets |
$ | $ | |
$ | |
|||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY |
||||||||||||
Current liabilities |
||||||||||||
Accounts payable |
$ | $ | $ | |||||||||
Accrued expenses |
||||||||||||
Gift card and other deferred revenue |
||||||||||||
Income taxes payable |
||||||||||||
Current debt |
— | — | ||||||||||
Borrowings under revolving line of credit |
— | — | ||||||||||
Operating lease liabilities |
||||||||||||
Other current liabilities |
||||||||||||
Total current liabilities |
||||||||||||
Deferred rent and lease incentives |
||||||||||||
Long-term debt |
— | |||||||||||
Long-term operating lease liabilities |
||||||||||||
Other long-term liabilities |
||||||||||||
Total liabilities |
||||||||||||
Commitments and contingencies – See Note F |
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Stockholders’ equity |
||||||||||||
Preferred stock: $ par value; |
— | — | ||||||||||
Common stock: $ par value; |
||||||||||||
Additional paid-in capital |
||||||||||||
Retained earnings |
||||||||||||
Accumulated other comprehensive loss |
( |
) | ( |
) | ( |
) | ||||||
Treasury stock, at cost: |
( |
) | ( |
) | ( |
) | ||||||
Total stockholders’ equity |
||||||||||||
Total liabilities and stockholders’ equity |
$ | $ | $ |
Common Stock |
Additional Paid-in Capital |
Retained Earnings |
Accumulated Other Comprehensive Income (Loss) |
Treasury Stock |
Total Stockholders’ Equity |
|||||||||||||||||||||||
In thousands |
Shares | Amount | ||||||||||||||||||||||||||
Balance at February 2, 2020 |
$ | |
$ | |
$ | |
$ | ( |
) | $ | ( |
) | $ | |
||||||||||||||
Net earnings |
— |
— | — | — | — | |||||||||||||||||||||||
Foreign currency translation adjustments |
— |
— | — | — | ( |
) | — | ( |
) | |||||||||||||||||||
Change in fair value of derivative financial instruments, net of tax |
— |
— | — | — | — | |||||||||||||||||||||||
Reclassification adjustment for realized (gain) on derivative financial instruments, net of tax |
— |
— | — | — | ( |
) | — | ( |
) | |||||||||||||||||||
Conversion/release of stock-based awards 1 |
( |
) | — | — | ( |
) | ( |
) | ||||||||||||||||||||
Reissuance of treasury stock under stock-based compensation plans 1 |
— |
— | ( |
) | ( |
) | — | — | ||||||||||||||||||||
Stock-based compensation expense |
— |
— | — | — | — | |||||||||||||||||||||||
Dividends declared |
— |
— | — | ( |
) | — | — | ( |
) | |||||||||||||||||||
Balance at May 3, 2020 |
$ | $ | $ | $ | ( |
) | $ | ( |
) | $ | ||||||||||||||||||
Net earnings |
— |
— | — | — | — | |||||||||||||||||||||||
Foreign currency translation adjustments |
— |
— | — | — | — | |||||||||||||||||||||||
Change in fair value of derivative financial instruments, net of tax |
— |
— | — | — | ( |
) | — | ( |
) | |||||||||||||||||||
Reclassification adjustment for realized (gain) on derivative financial instruments, net of tax |
— |
— | — | — | ( |
) | — | ( |
) | |||||||||||||||||||
Conversion/release of stock-based awards 1 |
— | ( |
) | — | — | — | ( |
) | ||||||||||||||||||||
Stock-based compensation expense |
— |
— | — | — | — | |||||||||||||||||||||||
Dividends declared |
— |
— | — | ( |
) | — | — | ( |
) | |||||||||||||||||||
Balance at August 2, 2020 |
$ | $ | $ | $ | ( |
) | $ | ( |
) | $ | ||||||||||||||||||
Net earnings |
— |
— | — | — | — | |||||||||||||||||||||||
Foreign currency translation adjustments |
— |
— | — | — | ( |
) | — | ( |
) | |||||||||||||||||||
Change in fair value of derivative financial instruments, net of tax |
— |
— | — | — | — | |||||||||||||||||||||||
Reclassification adjustment for realized (gain) on derivative financial instruments, net of tax |
— |
— | — | — | ( |
) | — | ( |
) | |||||||||||||||||||
Conversion/release of stock-based awards 1 |
( |
) | — | — | ( |
) | ||||||||||||||||||||||
Repurchases of common stock |
( |
) |
( |
) |
( |
) |
( |
) |
— |
— |
( |
) | ||||||||||||||||
Stock-based compensation expense |
— |
— | — | — | — | |||||||||||||||||||||||
Dividends declared |
— |
— | — | ( |
) | — | — | ( |
) | |||||||||||||||||||
Balance at November 1, 2020 |
$ |
$ |
$ |
$ |
( |
) | $ |
( |
) | $ |
1 |
Amounts are shown net of shares withheld for employee taxes. |
Common Stock |
Additional Paid-in Capital |
Retained Earnings |
Accumulated Other Comprehensive Income (Loss) |
Treasury Stock |
Total Stockholders’ Equity |
|||||||||||||||||||||||
In thousands |
Shares | Amount | ||||||||||||||||||||||||||
Balance at February 3, 2019 |
$ | |
$ | |
$ | $ | ( |
) | $ | ( |
) | $ | |
|||||||||||||||
Net earnings |
— | — | — | — | — | |||||||||||||||||||||||
Foreign currency translation adjustments |
— | — | — | — | ( |
) | — | ( |
) | |||||||||||||||||||
Change in fair value of derivative financial instruments, net of tax |
— | — | — | — | — | |||||||||||||||||||||||
Reclassification adjustment for realized (gain) loss on derivative financial instruments, net of tax |
— | — | — | — | ( |
) | — | ( |
) | |||||||||||||||||||
Conversion/release of stock-based awards 1 |
( |
) | — | — | ( |
) | ( |
) | ||||||||||||||||||||
Repurchases of common stock |
( |
) | ( |
) | ( |
) | ( |
) | — | ( |
) | ( |
) | |||||||||||||||
Reissuance of treasury stock under stock-based compensation plans 1 |
— | — | ( |
) | — | — | — | |||||||||||||||||||||
Stock-based compensation expense |
— | — | — | — | — | |||||||||||||||||||||||
Dividends declared |
— | — | — | ( |
) | — | — | ( |
) | |||||||||||||||||||
Adoption of accounting pronouncements 2 |
— | — | — | ( |
) | — | — | ( |
) | |||||||||||||||||||
Balance at May 5, 2019 |
$ | $ | $ | $ | ( |
) | $ | ( |
) | $ | ||||||||||||||||||
Net earnings |
— | — | — | — | — | |||||||||||||||||||||||
Foreign currency translation adjustments |
— | — | — | — | ( |
) | — | ( |
) | |||||||||||||||||||
Change in fair value of derivative financial instruments, net of tax |
— | — | — | — | ( |
) | — | ( |
) | |||||||||||||||||||
Reclassification adjustment for realized (gain) loss on derivative financial instruments, net of tax |
— | — | — | — | ( |
) | — | ( |
) | |||||||||||||||||||
Conversion/release of stock-based awards 1 |
( |
) | — | — | — | ( |
) | |||||||||||||||||||||
Repurchases of common stock |
( |
) | ( |
) | ( |
) | ( |
) | — | — | ( |
) | ||||||||||||||||
Stock-based compensation expense |
— | — | — | — | — | |||||||||||||||||||||||
Dividends declared |
— |
— | — | ( |
) | — | — | ( |
) | |||||||||||||||||||
Balance at August 4, 2019 |
$ | $ | $ | $ | ( |
) | $ | ( |
) | $ | ||||||||||||||||||
Net earnings |
— | — | — | — | — | |||||||||||||||||||||||
Foreign currency translation adjustments |
— | — | — | — | — | |||||||||||||||||||||||
Change in fair value of derivative financial instruments, net of tax |
— |
— | — | — | — | |||||||||||||||||||||||
Reclassification adjustment for realized (gain) loss on derivative financial instruments, net of tax |
— | — | — | — | ( |
) | — | ( |
) | |||||||||||||||||||
Conversion/release of stock-based awards 1 |
— | ( |
) | — | — | ( |
) | ( |
) | |||||||||||||||||||
Repurchases of common stock |
( |
) | ( |
) | ( |
) | ( |
) | — | — | ( |
) | ||||||||||||||||
Reissuance of treasury stock under stock-based compensation plans 1 |
— |
— | ( |
) | — | — | — | |||||||||||||||||||||
Stock-based compensation expense |
— | — | — | — | — | |||||||||||||||||||||||
Dividends declared |
— |
— | — | ( |
) | — | — | ( |
) | |||||||||||||||||||
Balance at November 3, 2019 |
$ | $ | $ | $ | ( |
) | $ | ( |
) | $ |
1 |
Amounts are shown net of shares withheld for employee taxes. |
2 |
Relates to our adoption of ASU 2016-02, Leases, in fiscal 2019. |
Thirty-nine Weeks Ended |
||||||||
In thousands |
November 1, 2020 |
November 3, 2019 |
||||||
Cash flows from operating activities: |
||||||||
Net earnings |
$ | $ | ||||||
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities: |
||||||||
Depreciation and amortization |
||||||||
(Gain) loss on disposal/impairment of assets |
||||||||
Amortization of deferred lease incentives |
( |
) | ( |
) | ||||
Non-cash lease expense |
||||||||
Deferred income taxes |
( |
) | ( |
) | ||||
Tax benefit related to stock-based awards |
||||||||
Stock-based compensation expense |
||||||||
Other |
( |
) | ||||||
Changes in: |
||||||||
Accounts receivable |
( |
) | ( |
) | ||||
Merchandise inventories |
( |
) | ( |
) | ||||
Prepaid expenses and other assets |
( |
) | ( |
) | ||||
Accounts payable |
( |
) | ||||||
Accrued expenses and other liabilities |
( |
) | ||||||
Gift card and other deferred revenue |
||||||||
Operating lease liabilities |
( |
) | ( |
) | ||||
Income taxes payable |
( |
) | ||||||
Net cash provided by operating activities |
||||||||
Cash flows from investing activities: |
|
|
|
|
||||
Purchases of property and equipment |
( |
) | ( |
) | ||||
Other |
||||||||
Net cash used in investing activities |
( |
) | ( |
) | ||||
Cash flows from financing activities: |
||||||||
Borrowings under revolving line of credit |
||||||||
Repayments under the revolving line of credit |
|
|
( |
) |
|
|
— |
|
Payment of dividends |
( |
) | ( |
) | ||||
Repurchases of common stock |
|
|
( |
) |
|
|
( |
) |
Tax withholdings related to stock-based awards |
( |
) | ( |
) | ||||
Debt issuance costs |
( |
) | — | |||||
Net cash used in financing activities |
( |
) | ( |
) | ||||
Effect of exchange rates on cash and cash equivalents |
( |
) | ( |
) | ||||
Net increase (decrease) in cash and cash equivalents |
( |
) | ||||||
Cash and cash equivalents at beginning of period |
||||||||
Cash and cash equivalents at end of period |
$ | $ |
Shares | ||||
Balance at February 2, 2020 |
||||
Granted |
||||
Granted, with vesting subject to performance conditions |
||||
Released 1 |
|
|
( |
) |
Cancelled |
( |
) | ||
Balance at November 1, 2020 |
||||
Vested plus expected to vest at November 1, 2020 |
1 |
Excludes |
In thousands, except per share amounts |
Net Earnings | Weighted Average Shares |
Earnings Per Share |
|||||||||
Thirteen weeks ended November 1, 2020 |
||||||||||||
Basic |
$ | $ | ||||||||||
Effect of dilutive stock-based awards |
||||||||||||
Diluted |
$ | $ | ||||||||||
Thirteen weeks ended November 3, 2019 |
||||||||||||
Basic |
$ | $ | ||||||||||
Effect of dilutive stock-based awards |
||||||||||||
Diluted |
$ | $ | ||||||||||
Thirty-nine weeks ended November 1, 2020 |
||||||||||||
Basic |
$ | $ | ||||||||||
Effect of dilutive stock-based awards |
||||||||||||
Diluted |
$ | $ | ||||||||||
Thirty-nine weeks ended November 3, 2019 |
||||||||||||
Basic |
$ | |
$ | |||||||||
Effect of dilutive stock-based awards |
||||||||||||
Diluted |
$ | $ | |
Thirteen Weeks Ended |
Thirty-nine Weeks Ended |
|||||||||||||||
In thousands |
November 1, 2020 |
November 3, 2019 |
November 1, 2020 |
November 3, 2019 |
||||||||||||
Pottery Barn |
$ | $ | $ | $ | |
|||||||||||
West Elm |
||||||||||||||||
Williams Sonoma |
||||||||||||||||
Pottery Barn Kids and Teen |
||||||||||||||||
Other 1 |
||||||||||||||||
Total 2 |
$ | $ | |
$ | $ |
1 |
Primarily consists of net revenues from our international franchise operations, Rejuvenation and Mark and Graham. |
2 |
Includes net revenues related to our international operations (including our operations in Canada, Australia, the United Kingdom and our franchise businesses) of approximately $ |
In thousands |
November 1, 2020 |
November 3, 2019 |
||||||
U.S. |
$ | $ | |
|||||
International |
||||||||
Total |
$ | $ |
In thousands |
November 1, 2020 |
November 3, 2019 |
||||||
Contracts designated as cash flow hedges |
$ | $ |
Thirteen Weeks Ended | Thirty-nine Weeks Ended | |||||||||||||||||||||||||||||||
November 1, 2020 | November 3, 2019 | November 1, 2020 | November 3, 2019 | |||||||||||||||||||||||||||||
In thousands |
Cost of goods sold |
Selling, general and administrative expenses |
Cost of goods sold |
Selling, general and administrative expenses |
Cost of goods sold |
Selling, general and administrative expenses |
Cost of goods sold |
Selling, general and administrative expenses |
||||||||||||||||||||||||
Line items presented in the Condensed Consolidated Statement of Earnings in which the effects of derivatives are recorded |
$ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Gain (loss) recognized in income |
||||||||||||||||||||||||||||||||
Derivatives designated as cash flow hedges |
$ | $ | — | $ | $ | — | $ | $ | — | $ | $ | — | ||||||||||||||||||||
Derivatives not designated as hedging instruments |
$ | — | $ | ( |
) | $ | — | $ | $ | — | $ | ( |
) | $ | — | $ |
In thousands |
November 1, 2020 | November 3, 2019 | ||||||
Derivatives designated as cash flow hedges: |
||||||||
Other current assets |
$ | $ | ||||||
Other current liabilities |
$ | ( |
) | $ | — |
• | Level 1: inputs which include quoted prices in active markets for identical assets or liabilities; |
• | Level 2: inputs which include observable inputs other than Level 1 inputs, such as quoted prices in active markets for similar assets or liabilities; quoted prices for identical or similar assets or liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the asset or liability; and |
• | Level 3: inputs which include unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the underlying asset or liability. |
In thousands |
Foreign Currency Translation |
Cash Flow Hedges |
Accumulated Other Comprehensive Income (Loss) |
|||||||||
Balance at February 2, 2020 |
$ | ( |
) | $ | $ | ( |
) | |||||
Foreign currency translation adjustments |
( |
) | — | ( |
) | |||||||
Change in fair value of derivative financial instruments |
— | |||||||||||
Reclassification adjustment for realized (gain) loss on derivative financial instruments 1 |
— | ( |
) | ( |
) | |||||||
Other comprehensive income (loss) |
( |
) | ( |
) | ||||||||
Balance at May 3, 2020 |
( |
) | ( |
) | ||||||||
Foreign currency translation adjustments |
— | |||||||||||
Change in fair value of derivative financial instruments |
— | ( |
) | ( |
) | |||||||
Reclassification adjustment for realized (gain) loss on derivative financial instruments 1 |
— | ( |
) | ( |
) | |||||||
Other comprehensive income (loss) |
( |
) | ||||||||||
Balance at August 2, 2020 |
$ | ( |
) | $ | $ | ( |
) | |||||
Foreign currency translation adjustments |
( |
) | — | ( |
) | |||||||
Change in fair value of derivative financial instruments |
— | |||||||||||
Reclassification adjustment for realized (gain) loss on derivative financial instruments 1 |
— | ( |
) | ( |
) | |||||||
Other comprehensive income (loss) |
( |
) | ( |
) | ( |
) | ||||||
Balance at November 1, 2020 |
$ | ( |
) | $ | $ | ( |
) | |||||
Balance at February 3, 2019 |
$ | ( |
) | $ | $ | ( |
) | |||||
Foreign currency translation adjustments |
( |
) | — | ( |
) | |||||||
Change in fair value of derivative financial instruments |
— | |||||||||||
Reclassification adjustment for realized (gain) loss on derivative financial instruments 1 |
— | ( |
) | ( |
) | |||||||
Other comprehensive income (loss) |
( |
) | ( |
) | ||||||||
Balance at May 5, 2019 |
( |
) | ( |
) | ||||||||
Foreign currency translation adjustments |
( |
) | — | ( |
) | |||||||
Change in fair value of derivative financial instruments |
— | ( |
) | ( |
) | |||||||
Reclassification adjustment for realized (gain) loss on derivative financial instruments 1 |
— | ( |
) | ( |
) | |||||||
Other comprehensive income (loss) |
( |
) | ( |
) | ( |
) | ||||||
Balance at August 4, 2019 |
$ | ( |
) | $ | $ | ( |
) | |||||
Foreign currency translation adjustments |
— | |||||||||||
Change in fair value of derivative financial instruments |
— | |||||||||||
Reclassification adjustment for realized (gain) loss on derivative financial instruments 1 |
— | ( |
) | ( |
) | |||||||
Other comprehensive income (loss) |
( |
) | ||||||||||
Balance at November 1, 2019 |
$ | ( |
) | $ | $ | ( |
) |
1 |
Refer to Note H for additional disclosures about reclassifications out of accumulated other comprehensive income and their corresponding effects on the respective line items in the Condensed Consolidated Statements of Earnings. |
Thirteen Weeks Ended |
Thirty-nine Weeks Ended |
|||||||||||||||
Comparable brand revenue growth (decline) |
November 1, 2020 |
November 3, 2019 |
November 1, 2020 |
November 3, 2019 |
||||||||||||
Pottery Barn |
24.1 |
% |
3.4 |
% |
10.9 |
% |
3.1 |
% | ||||||||
West Elm |
21.8 |
% |
14.1 |
% |
11.4 |
% |
14.5 |
% | ||||||||
Williams Sonoma |
30.4 |
% |
(2.1 |
%) |
21.9 |
% |
(1.6 |
%) | ||||||||
Pottery Barn Kids and Teen |
23.8 |
% |
4.0 |
% |
12.7 |
% |
3.1 |
% | ||||||||
Total 1 |
24.4 |
% |
5.5 |
% |
13.1 |
% |
5.2 |
% |
1 |
Total comparable brand revenue growth includes the results of Rejuvenation and Mark and Graham. |
Store Count |
Average Leased Square Footage Per Store |
|||||||||||||||||||||||||||
August 2, 2020 1 |
Openings 2 |
Closings 2 |
November 1, 2020 |
November 3, 2019 |
November 1, 2020 |
November 3, 2019 |
||||||||||||||||||||||
Williams Sonoma |
210 |
1 |
(1 |
) |
210 |
218 |
6,800 |
6,900 |
||||||||||||||||||||
Pottery Barn |
201 |
1 |
(1 |
) |
201 |
205 |
14,400 |
14,400 |
||||||||||||||||||||
West Elm |
121 |
2 |
(1 |
) |
122 |
114 |
13,100 |
13,100 |
||||||||||||||||||||
Pottery Barn Kids |
72 |
— |
(1 |
) |
71 |
79 |
7,800 |
7,500 |
||||||||||||||||||||
Rejuvenation |
10 |
— |
— |
10 |
10 |
8,500 |
8,500 |
|||||||||||||||||||||
Total |
614 |
4 |
(4 |
) |
614 |
626 |
10,700 |
10,600 |
||||||||||||||||||||
Store selling square footage at period-end |
|
4,143,000 |
4,154,000 |
|||||||||||||||||||||||||
Store leased square footage at period-end |
|
6,569,000 |
6,622,000 |
1 |
Store counts as of August 2, 2020 includes stores temporarily closed due to COVID-19. |
2 |
Store count data excludes temporary closures and re-openings of our stores due to COVID-19. |
Thirteen Weeks Ended |
Thirty-nine Weeks Ended |
|||||||||||||||||||||||||||||||
In thousands |
November 1, 2020 |
% Net Revenues |
November 3, 2019 |
% Net Revenues |
November 1, 2020 |
% Net Revenues |
November 3, 2019 |
% Net Revenues |
||||||||||||||||||||||||
Cost of goods sold 1 |
$ |
1,058,953 |
60.0 |
% |
$ |
924,300 |
64.1 |
% |
$ |
2,819,471 |
62.8 |
% |
$ |
2,608,054 |
64.3 |
% |
1 |
Includes total occupancy expenses of $174,189,000 and $179,237,000 for the third quarter of fiscal 2020 and the third quarter of fiscal 2019, respectively, and $515,284,000 and $529,905,000 for year-to-date year-to-date |
Thirteen Weeks Ended | Thirty-nine Weeks Ended | |||||||||||||||||||||||||||||||
In thousands |
November 1, 2020 |
% Net Revenues |
November 3, 2019 |
% Net Revenues |
November 1, 2020 |
% Net Revenues |
November 3, 2019 |
% Net Revenues |
||||||||||||||||||||||||
Selling, general and administrative expenses |
$ | 430,979 | 24.4 | % | $ | 416,281 | 28.9 | % | $ | 1,162,435 | 25.9 | % | $ | 1,184,176 | 29.2 | % |
Fiscal period | Total Number of Shares Purchased 1 |
Average Price Paid Per Share |
Total Number of Shares Purchased as Part of a Publicly Announced Program 1 |
Maximum Dollar Value of Shares That May Yet Be Purchased Under the Program |
||||||||||||
August 3, 2020 – August 30, 2020 |
— | — | — | $ | 574,982,000 | |||||||||||
August 31, 2020 – September 27, 2020 |
— | — | — | $ | 574,982,000 | |||||||||||
September 28, 2020 – November 1, 2020 |
1,119,335 | $ | 97.42 | 1,119,335 | $ | 465,934,000 | ||||||||||
Total |
1,119,335 | $ | 97.42 | 1,119,335 | $ | 465,934,000 |
1 |
Excludes shares withheld for employee taxes upon vesting of stock-based awards. |
* | Filed herewith. |
WILLIAMS-SONOMA, INC. | ||
By: | /s/ Julie Whalen | |
Julie Whalen | ||
Duly Authorized Officer and Chief Financial Officer |