Williams-Sonoma Inc. posted net earnings of $10.4 million for the first quarter, a decrease from $18.1 million in the prior year.
The direct marketer and retailer reported net revenue of $781.8 million for the quarter ended May 4, a 4.2% decrease from $816.1 million last year.
The San Francisco company posted direct marketing revenue of $348.2 million for the quarter, a 4% decrease from $362./7 million in the prior year.
Management attributed these results to declining net revenue in all brands but PBTeen and West Elm. The company reported Internet revenue of $251.5 million in the quarter, an 8.7% rise over $231.5 million in the prior year.
William Sonoma posted first quarter selling, general and administrative expenses of $259.3 million or 33.2% of net revenue, compared to versus $273.5 million or 33.5% of net revenues in the prior year.
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