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Williams-Sonoma profit falls 90%

The kitchenware and home decor chain earned $12.2 million during its latest quarter, down from $124.6 million a year earlier. Revenue declined 27% to $1.01 billion.

March 25, 2009|Associated Press

SAN FRANCISCO — Williams-Sonoma Inc. said its fiscal fourth-quarter profit tumbled 90% as the retailer of kitchenware, home decor and apparel closed stores and laid off workers.

The San Francisco-based company, whose chains include Williams-Sonoma, Pottery Barn and West Elm, earned $12.2 million, or 12 cents a share, for the three months ended Feb. 1. That was down from $124.6 million, or $1.15, in the same quarter a year earlier.

The company's chairman and chief executive, Howard Lester, told investors during a conference call Tuesday that although the quarter was better than expected, the retailer struggled to get customers to part with their cash.

Revenue declined 27% to $1.01 billion. Same-store sales -- an important retail industry metric of sales in stores open at least a year -- fell more than 22%.

The company's stock finished Tuesday at $11.19 a share, unchanged from Monday's close.

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