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%.