Williams-Sonoma, Inc. posted net earnings of $7.3 million for the third quarter, compared to a net loss of $11 million in the prior year.
The direct marketer and retailer reported net revenue of $729 million for the quarter ended Nov., a 3$ decrease from $752 million last year.
The San Francisco company posted direct-to-customer net revenue of $301 million in the quarter, an 8.1% decrease from $328 million in the prior year.
The firm reported Internet revenue of $230 million in the quarter, a 7% decrease from $247 million last year.
“Throughout the quarter, we saw a progressively stronger than anticipated consumer response to our merchandise and marketing strategies which resulted in significantly improved selling margins,” said CEO Howard Lester, in a statement. “We also saw ongoing benefit from our cost containment and inventory management initiatives, all of which contributed to a $206 million increase in our cash balance versus last year.”
