WILLIAMS-SONOMA (=) : Robust results despite broader industry pressures

研报英文原文证据摘录

WILLIAMS-SONOMA (=) : Robust results despite broader industry pressures

EQUITIES

GENERAL RETAIL

WILLIAMS­SONOMA NEUTRALPRICE* USD192.5  TARGET PRICE USD205 (UPSIDE 6%) TARGET 3%PRICE nonEPSmaterial01/27e nonEPSmaterial01/28e

Robust results despite broader industry pressures

Yesterday WSM reported Q1 comps +4.8% vs. Cons. +3.4%, Op. margins 16.2% vs. Cons. 15.7%,26 MAY 2026

Securities Research Report and EPS of $1.93 vs. Cons. $1.81. Mgmt. reaffirmed FY26 guidance, incl. comps of 4.0% (mdpt.) vs.

Production time: 11:18* (London time)

Cons. +3.9%, op. margins of ~17.8% (mdpt.) vs. Cons 17.8%.

Research Analysts & Publishing Entities

Chris Bottiglieri, CFA The key issue: bucking industry trends with top-line momentum

BNP Paribas Securities Corp1 WSM reported another quarter of robust top-line results while the broader industry remains sluggish

(+1) 646 342 2463

christopher.bottiglieri@us.bnpparibas.com (-LSD %). The company is benefiting from durability in core brands such as WSM, while also leaning

into newness and scaling B2B. While a prudent guide contemplates broader macro uncertainty,

Ian Davis

elevated fuel costs and further tariff pressures in Q2 on price-to-cost input lags, we see WSM asBNP Paribas Securities Corp1

(+1) 212 710 9784 positioned to further gain share. From here, valuation strikes us as reasonable given best-in-class

ian.m.davis@us.bnpparibas.com ROIC, a quality leverage profile, and resilient margins.

Hunter Lawson

BNP Paribas Securities Corp1 3 other takeaways from Q1 results

+1 934-233-7189 1) Merch margins, while under pressure (-100bps y/y) were better than our expectations despite

hunter.lawson@us.bnpparibas.com

mounting tariff costs and elevated fuel pressure. Tariff costs impacts should peak in Q2, though we