Nantucket Recap: Pottery Barn Warming Up, West Elm Hot, B2B On Fire

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Nantucket Recap: Pottery Barn Warming Up, West Elm Hot, B2B On Fire

USA | Hardlines

Williams-Sonoma, Inc. EquityJuneResearch16, 2026

TARGET | ESTIMATE CHANGENantucket Recap: Pottery Barn Warming Up,

RATING BUYWest Elm Hot, B2B On Fire

PRICE $227.18^

We hosted Williams-Sonoma management at our Nantucket Consumer

Conference and continue to see opportunity for shares to grind higher as West PRICE TARGET | % TO PT $260.00 ($237.00) | +14%

Elm brand heat persists, Pottery Barn product & marketing enhancements take 52W HIGH-LOW $230.95 - $154.11

hold, and margin drivers are increasingly-understood to have 'legs'. Reiterate FLOAT (%) | ADV MM (USD) 96.2% | 278.21

above-consensus estimates averaging ~5% north of the Street in C'27E & C28E. MARKET CAP $27.2B

TICKER WSM

^Prior trading day's closing price unless otherwise

West Elm Brand Has Momentum. Management labeled the contribution from Emma noted.

Chamberlain's collaboration to West Elm's 1Q comp growth of +8.5% as ‘meaningful’.

Dual-Pronged Approach To Accelerating The Pottery Barn Banner. Changes to product design FY (Jan) CHANGE TO JEFe JEF vs CONS

and marketing will converge in delivering the aspirational Americana aesthetic under new brand 2027 2028 2027 2028

leadership. Mid-century modern styles will remain available in the assortment, but this style shift REV NA NM +1% +1%

should reclaim brand consideration. EPS NA +1% +1% +5%

A Thoughtful Plan For Dormify. Today, the banner is being used to carve a niche in the $13B

2027 ($) Q1A Q2 Q3 Q4 FY

dorm décor market. In the future, WSM intends to welcome recently-minted college grads (and their

EPS 1.93 2.07 2.09 3.43 9.50

parents) to the West Elm brand for furnishing their first apartment. We see success ahead given

the vast 1P data library and in-house marketing team. PREV