Williams-Sonoma, Inc. (NYSE: WSM) announced today that its Board of
Directors has authorized a 6% increase in the company’s quarterly cash
dividend.
The quarterly cash dividend will be increased from $0.33 to $0.35 per
common share and is payable on May 28, 2015 to shareholders of record as
of the close of business on April 24, 2015. The indicated annual cash
dividend, subject to capital availability, is $1.40 per common share.
Laura Alber, President and Chief Executive Officer, remarked,
“Today, we are very pleased to announce that our Board has authorized a
$0.02, or 6%, increase in our quarterly dividend to $0.35 per share. Our
decision today to increase the dividend is based on the ongoing strong
performance we have seen in our business and our commitment to maintain
our dividend payout ratio at 35 – 40% of net income. We remain committed
to returning capital to our shareholders through dividend payments and
the continuation of our multi-year share repurchase authorization
announced in January 2013, and we remain confident in the
cash-generating power of our multi-channel, multi-brand business model.”
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements that involve
risks and uncertainties, as well as assumptions that, if they do not
fully materialize or prove incorrect, could cause our results to differ
materially from those expressed or implied by such forward-looking
statements. Such forward-looking statements include statements related
to our indicated annual cash dividend and share repurchases, our ability
to generate cash and our outlook for the future.
The risks and uncertainties that could cause our results to differ
materially from those expressed or implied by such forward-looking
statements include: accounting adjustments as we close our books for Q4
14 and as audited year-end financial statements are prepared; continuing
changes in general economic conditions, and the impact on consumer
confidence and consumer spending; new interpretations of or changes to
current accounting rules; our ability to anticipate consumer preferences
and buying trends; dependence on timely introduction and customer
acceptance of our merchandise; changes in consumer spending based on
weather, political, competitive and other conditions beyond our control;
delays in store openings; competition from companies with concepts or
products similar to ours; timely and effective sourcing of merchandise
from our foreign and domestic vendors and delivery of merchandise
through our supply chain to our stores and customers; effective
inventory management; our ability to manage customer returns; successful
catalog management, including timing, sizing and merchandising;
uncertainties in e-marketing, infrastructure and regulation;
multi-channel and multi-brand complexities; our ability to introduce new
brands and brand extensions; dependence on external funding sources for
operating capital; disruptions in the financial markets; our ability to
control employment, occupancy and other operating costs; our ability to
improve our systems and processes; changes to our information technology
infrastructure; general political, economic and market conditions and
events, including war, conflict or acts of terrorism; and other risks
and uncertainties described more fully in our public announcements,
reports to stockholders and other documents filed with or furnished to
the SEC, including our Annual Report on Form 10-K for the fiscal year
ended February 2, 2014, and all subsequent quarterly reports on Form
10-Q and current reports on Form 8-K. All forward-looking statements in
this press release are based on information available to us as of the
date hereof, and we assume no obligation to update these forward-looking
statements.
ABOUT WILLIAMS-SONOMA, INC.
Williams-Sonoma, Inc. is a specialty retailer of high-quality products
for the home. These products, representing eight distinct merchandise
strategies – Williams-Sonoma, Pottery Barn, Pottery Barn Kids, West Elm,
PBteen, Williams-Sonoma Home, Rejuvenation, and Mark and Graham – are
marketed through e-commerce websites, direct mail catalogs and 601
stores. Williams-Sonoma, Inc. currently operates in the United States,
Canada, Australia and the United Kingdom, offers international shipping
to customers worldwide, and has unaffiliated franchisees that operate
stores in the Middle East and the Philippines.
Copyright Business Wire 2015