Williams-Sonoma Inc., San Francisco, had net sales of $1.4 billion in 1999, up 25.4% from $1.1 billion in 1998. Retail sales for the year increased 20.7% to $869.1 million, while direct-to-customer sales increased 34.2% to $514.9 million. This included $9.9 million in sales from the Williams-Sonoma e-commerce site (http://www.williams-sonoma.com) launched Nov. 1, as well as from the Williams-Sonoma bridal site (http://www.wsweddings.com) launched in June.
For the year, the company had net earnings of $68.1 million, up from $54.9 million in 1998.
For the fourth quarter of 1999, the company had net sales of $537.1 million, compared to $441.1 million in first-quarter 1999. Retail sales for the quarter were $348.5 million, a 17.6% increase over the fourth quarter of 1998. Direct-to-customer sales for the quarter were $188.7 million, an increase of $43.9 million, or 30.3%, over the fourth quarter of 1998.
The company’s fourth-quarter net income was $48.7 million, compared with $43.9 million in fourth-quarter 1998.
The quarter and the year ended Jan. 30.
According to the company, fourth quarter results were adversely effected by the company’s new sales return reserves policy, as well as higher than planned mail order demand over the holiday season.
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