☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 94-2203880 | ||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||
3250 Van Ness Avenue, San Francisco, CA | 94109 | ||
(Address of principal executive offices) | (Zip Code) |
Title of each class: | Trading Symbol(s): | Name of each exchange on which registered: | ||
Common Stock, par value $.01 per share | WSM | New York Stock Exchange, Inc. |
Large accelerated filer | ☒ | Accelerated filer | ☐ | ||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | ||||||
Emerging growth company | ☐ |
Item 1. | Financial Statements | 1 | ||||||||
Item 2. | ||||||||||
Item 3. | ||||||||||
Item 4. | Controls and Procedures | 24 | ||||||||
PART II. OTHER INFORMATION | ||||||||||
Item 1. | Legal Proceedings | 25 | ||||||||
Item 1A. | Risk Factors | |||||||||
Item 2. | ||||||||||
Item 3. | ||||||||||
Item 4. | Mine Safety Disclosures | 26 | ||||||||
Item 5. | Other Information | 26 | ||||||||
Item | ||||||||||
Thirteen Weeks Ended | ||||||||
In thousands, except per share amounts | May 3, 2020 | May 5, 2019 | ||||||
Net revenues | $ | 1,235,203 | $ | 1,241,132 | ||||
Cost of goods sold | 820,943 | 796,801 | ||||||
Gross profit | 414,260 | 444,331 | ||||||
Selling, general and administrative expenses | 365,615 | 370,199 | ||||||
Operating income | 48,645 | 74,132 | ||||||
Interest expense, net | 2,159 | 2,253 | ||||||
Earnings before income taxes | 46,486 | 71,879 | ||||||
Income taxes | 11,063 | 19,223 | ||||||
Net earnings | $ | 35,423 | $ | 52,656 | ||||
Basic earnings per share | $ | 0.46 | $ | 0.67 | ||||
Diluted earnings per share | $ | 0.45 | $ | 0.66 | ||||
Shares used in calculation of earnings per share: | ||||||||
Basic | 77,262 | 78,683 | ||||||
Diluted | 78,399 | 79,867 |
Thirteen Weeks Ended | ||||||||
In thousands | May 3, 2020 | May 5, 2019 | ||||||
Net earnings | $ | 35,423 | $ | 52,656 | ||||
Other comprehensive income (loss): | ||||||||
Foreign currency translation adjustments | (5,276 | ) | (3,009 | ) | ||||
Change in fair value of derivative financial instruments, net of tax of $196 and $74 | 549 | 204 | ||||||
Reclassification adjustment for realized (gain) on derivative financial instruments, net of tax of $13 and $24 | (37 | ) | (67 | ) | ||||
Comprehensive income | $ | 30,659 | $ | 49,784 |
Thirteen Weeks Ended | Thirty-nine Weeks Ended | |||||||||||||||
In thousands, except per share amounts | November 1, 2020 | November 3, 2019 | November 1, 2020 | November 3, 2019 | ||||||||||||
Net revenues | $ | 1,764,536 | $ | 1,442,472 | $ | 4,490,516 | $ | 4,054,418 | ||||||||
Cost of goods sold | 1,058,953 | 924,300 | 2,819,471 | 2,608,054 | ||||||||||||
Gross profit | 705,583 | 518,172 | 1,671,045 | 1,446,364 | ||||||||||||
Selling, general and administrative expenses | 430,979 | 416,281 | 1,162,435 | 1,184,176 | ||||||||||||
Operating income | 274,604 | 101,891 | 508,610 | 262,188 | ||||||||||||
Interest expense, net | 5,344 | 2,564 | 13,967 | 7,486 | ||||||||||||
Earnings before income taxes | 269,260 | 99,327 | 494,643 | 254,702 | ||||||||||||
Income taxes | 67,488 | �� | 24,614 | 122,884 | 64,685 | |||||||||||
Net earnings | $ | 201,772 | $ | 74,713 | $ | 371,759 | $ | 190,017 | ||||||||
Basic earnings per share | $ | 2.60 | $ | 0.96 | $ | 4.80 | $ | 2.43 | ||||||||
Diluted earnings per share | $ | 2.54 | $ | 0.94 | $ | 4.71 | $ | 2.39 | ||||||||
Shares used in calculation of earnings per share: | ||||||||||||||||
Basic | 77,487 | 77,897 | 77,511 | 78,356 | ||||||||||||
Diluted | 79,332 | 79,191 | 79,012 | 79,465 | ||||||||||||
Thirteen Weeks Ended | Thirty-nine Weeks Ended | |||||||||||||||
In thousands | November 1, 2020 | November 3, 2019 | November 1, 2020 | November 3, 2019 | ||||||||||||
Net earnings | $ | 201,772 | $ | 74,713 | $ | 371,759 | $ | 190,017 | ||||||||
Other comprehensive income (loss): | ||||||||||||||||
Foreign currency translation adjustments | (745 | ) | 1,783 | 716 | (2,477 | ) | ||||||||||
Change in fair value of derivative financial instruments, net of tax (tax benefit) of $21, $97, $146 and $163 | 54 | 5 | 403 | 77 | ||||||||||||
Reclassification adjustment for realized gain on derivative financial instruments, net of tax of $85, $187, $136 and $221 | (231 | ) | (8 | ) | (375 | ) | (235 | ) | ||||||||
Comprehensive income | $ | 200,850 | $ | 76,493 | $ | 372,503 | $ | 187,382 | ||||||||
In thousands, except per share amounts | November 1, 2020 | February 2, 2020 | November 3, 2019 | |||||||||
ASSETS | ||||||||||||
Current assets | ||||||||||||
Cash and cash equivalents | $ | 773,170 | $ | 432,162 | $ | 155,025 | ||||||
Accounts receivable, net | 129,782 | 111,737 | 110,131 | |||||||||
Merchandise inventories, net | 1,125,475 | 1,100,544 | 1,258,541 | |||||||||
Prepaid expenses | 84,974 | 90,426 | 115,288 | |||||||||
Other current assets | 23,556 | 20,766 | 20,260 | |||||||||
Total current assets | 2,136,957 | 1,755,635 | 1,659,245 | |||||||||
Property and equipment, net | 869,092 | 929,038 | 915,740 | |||||||||
Operating lease right-of-use | 1,091,649 | 1,166,383 | 1,194,061 | |||||||||
Deferred income taxes, net | 42,185 | 47,977 | 41,763 | |||||||||
Goodwill | 85,402 | 85,343 | 85,355 | |||||||||
Other long-term assets, net | 85,394 | 69,666 | 67,660 | |||||||||
Total assets | $ | 4,310,679 | $ | 4,054,042 | $ | 3,963,824 | ||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||
Current liabilities | ||||||||||||
Accounts payable | $ | 562,294 | $ | 521,235 | $ | 444,279 | ||||||
Accrued expenses | 194,985 | 175,003 | 140,789 | |||||||||
Gift card and other deferred revenue | 349,671 | 289,613 | 296,157 | |||||||||
Income taxes payable | 36,037 | 22,501 | 13,182 | |||||||||
Current debt | — | 299,818 | — | |||||||||
Borrowings under revolving line of credit | — | — | 100,000 | |||||||||
Operating lease liabilities | 217,448 | 227,923 | 225,530 | |||||||||
Other current liabilities | 99,691 | 73,462 | 68,973 | |||||||||
Total current liabilities | 1,460,126 | 1,609,555 | 1,288,910 | |||||||||
Deferred rent and lease incentives | 21,858 | 27,659 | 29,388 | |||||||||
Long-term debt | 299,173 | — | 299,769 | |||||||||
Long-term operating lease liabilities | 1,027,142 | 1,094,579 | 1,127,403 | |||||||||
Other long-term liabilities | 100,478 | 86,389 | 86,461 | |||||||||
Total liabilities | 2,908,777 | 2,818,182 | 2,831,931 | |||||||||
Commitments and contingencies – See Note F | ||||||||||||
Stockholders’ equity | ||||||||||||
Preferred stock: $.01 par value; 7,500 shares authorized; NaN issued | — | — | — | |||||||||
Common stock: $.01 par value; 253,125 shares authorized; 76,697, 77,137 and 77,612 shares issued and outstanding at November 1, 2020, February 2, 2020 and November 3, 2019, respectively | 768 | 772 | 777 | |||||||||
Additional paid-in capital | 623,379 | 605,822 | 594,991 | |||||||||
Retained earnings | 792,196 | 644,794 | 550,774 | |||||||||
Accumulated other comprehensive loss | (13,843 | ) | (14,587 | ) | (13,708 | ) | ||||||
Treasury stock, at cost: 8, 14 and 14 shares as of November 1, 2020, February 2, 2020 and November 3, 2019, respectively | (598 | ) | (941 | ) | (941 | ) | ||||||
Total stockholders’ equity | 1,401,902 | 1,235,860 | 1,131,893 | |||||||||
Total liabilities and stockholders’ equity | $ | 4,310,679 | $ | 4,054,042 | $ | 3,963,824 |
Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Total Stockholders’ Equity | |||||||||||||||||||||||
In thousands | Shares | Amount | ||||||||||||||||||||||||||
Balance at February 2, 2020 | 77,137 | $ | 772 | $ | 605,822 | $ | 644,794 | $ | (14,587 | ) | $ | (941 | ) | $ | 1,235,860 | |||||||||||||
Net earnings | — | — | — | 35,423 | — | — | 35,423 | |||||||||||||||||||||
Foreign currency translation adjustments | — | — | — | — | (5,276 | ) | — | (5,276 | ) | |||||||||||||||||||
Change in fair value of derivative financial instruments, net of tax | — | — | — | — | 549 | — | 549 | |||||||||||||||||||||
Reclassification adjustment for realized (gain) on derivative financial instruments, net of tax | — | — | — | — | (37 | ) | — | (37 | ) | |||||||||||||||||||
Conversion/release of stock-based awards 1 | 622 | 6 | (28,747 | ) | — | — | (171 | ) | (28,912 | ) | ||||||||||||||||||
Reissuance of treasury stock under stock-based compensation plans 1 | — | — | (499 | ) | (14 | ) | — | 513 | — | |||||||||||||||||||
Stock-based compensation expense | — | — | 19,608 | — | — | — | 19,608 | |||||||||||||||||||||
Dividends declared | — | — | — | (38,286 | ) | — | — | (38,286 | ) | |||||||||||||||||||
Balance at May 3, 2020 | 77,759 | $ | 778 | $ | 596,184 | $ | 641,917 | $ | (19,351 | ) | $ | (599 | ) | $ | 1,218,929 | |||||||||||||
Net earnings | — | — | — | 134,564 | — | — | 134,564 | |||||||||||||||||||||
Foreign currency translation adjustments | — | — | — | — | 6,737 | — | 6,737 | |||||||||||||||||||||
Change in fair value of derivative financial instruments, net of tax | — | — | — | — | (200 | ) | — | (200 | ) | |||||||||||||||||||
Reclassification adjustment for realized (gain) on derivative financial instruments, net of tax | — | — | — | — | (107 | ) | — | (107 | ) | |||||||||||||||||||
Conversion/release of stock-based awards 1 | 37 | — | (677 | ) | — | — | — | (677 | ) | |||||||||||||||||||
Stock-based compensation expense | — | — | 13,385 | — | — | — | 13,385 | |||||||||||||||||||||
Dividends declared | — | — | — | (39,709 | ) | — | — | (39,709 | ) | |||||||||||||||||||
Balance at August 2, 2020 | 77,796 | $ | 778 | $ | 608,892 | $ | 736,772 | $ | (12,921 | ) | $ | (599 | ) | $ | 1,332,922 | |||||||||||||
Net earnings | — | — | — | 201,772 | — | — | 201,772 | |||||||||||||||||||||
Foreign currency translation adjustments | — | — | — | — | (745 | ) | — | (745 | ) | |||||||||||||||||||
Change in fair value of derivative financial instruments, net of tax | — | — | — | — | 54 | — | 54 | |||||||||||||||||||||
Reclassification adjustment for realized (gain) on derivative financial instruments, net of tax | — | — | — | — | (231 | ) | — | (231 | ) | |||||||||||||||||||
Conversion/release of stock-based awards 1 | 20 | 1 | (968 | ) | — | — | 1 | (966 | ) | |||||||||||||||||||
Repurchases of common stock | (1,119 | ) | (11 | ) | (5,640 | ) | (103,397 | ) | — | — | (109,048 | ) | ||||||||||||||||
Stock-based compensation expense | — | — | 21,095 | — | — | — | 21,095 | |||||||||||||||||||||
Dividends declared | — | — | — | (42,951 | ) | — | — | (42,951 | ) | |||||||||||||||||||
Balance at November 1, 2020 | 76,697 | $ | 768 | $ | 623,379 | $ | 792,196 | $ | (13,843 | ) | $ | (598 | ) | $ | 1,401,902 |
1 | Amounts are shown net of shares withheld for employee taxes. |
In thousands, except per share amounts | May 3, 2020 | | February 2, 2020 | May 5, 2019 | ||||||||
ASSETS | ||||||||||||
Current assets | ||||||||||||
Cash and cash equivalents | $ | 861,002 | $ | 432,162 | $ | 107,683 | ||||||
Accounts receivable, net | 104,829 | 111,737 | 102,195 | |||||||||
Merchandise inventories, net | 1,070,681 | 1,100,544 | 1,155,427 | |||||||||
Prepaid expenses | 90,433 | 90,426 | 98,213 | |||||||||
Other current assets | 22,099 | 20,766 | 22,128 | |||||||||
Total current assets | 2,149,044 | 1,755,635 | 1,485,646 | |||||||||
Property and equipment, net | 907,219 | 929,038 | 916,030 | |||||||||
Operating lease right-of-use assets | 1,175,402 | 1,166,383 | 1,200,972 | |||||||||
Deferred income taxes, net | 33,320 | 47,977 | 34,215 | |||||||||
Goodwill | 85,335 | 85,343 | 85,357 | |||||||||
Other long-term assets, net | 67,795 | 69,666 | 66,145 | |||||||||
Total assets | $ | 4,418,115 | $ | 4,054,042 | $ | 3,788,365 | ||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||
Current liabilities | ||||||||||||
Accounts payable | $ | 423,375 | $ | 521,235 | $ | 385,646 | ||||||
Accrued expenses | 137,495 | 175,003 | 109,169 | |||||||||
Gift card and other deferred revenue | 299,353 | 289,613 | 291,839 | |||||||||
Income taxes payable | 24,049 | 22,501 | 24,384 | |||||||||
Current debt | 487,823 | 299,818 | — | |||||||||
Operating lease liabilities | 224,541 | 227,923 | 227,427 | |||||||||
Other current liabilities | 85,458 | 73,462 | 75,750 | |||||||||
Total current liabilities | 1,682,094 | 1,609,555 | 1,114,215 | |||||||||
Deferred rent and lease incentives | 26,254 | 27,659 | 30,536 | |||||||||
Long-term debt | 299,868 | — | 299,670 | |||||||||
Long-term operating lease liabilities | 1,109,473 | 1,094,579 | 1,139,625 | |||||||||
Other long-term liabilities | 81,497 | 86,389 | 82,551 | |||||||||
Total liabilities | 3,199,186 | 2,818,182 | 2,666,597 | |||||||||
Commitments and contingencies – See Note F | ||||||||||||
Stockholders’ equity | ||||||||||||
Preferred stock: $.01 par value; 7,500 shares authorized; NaN issued | — | — | — | |||||||||
Common stock: $.01 par value; 253,125 shares authorized; 77,759, 77,137 and 78,808 shares issued and outstanding at May 3, 2020, February 2, 2020 and May 5, 2019, respectively | 778 | 772 | 788 | |||||||||
Additional paid-in capital | 596,184 | 605,822 | 571,772 | |||||||||
Retained earnings | 641,917 | 644,794 | 564,127 | |||||||||
Accumulated other comprehensive loss | (19,351 | ) | (14,587 | ) | (13,945 | ) | ||||||
Treasury stock, at cost: 8, 14 and 14 shares as of May 3, 2020, February 2, 2020 and May 5, 2019, respectively | (599 | ) | (941 | ) | (974 | ) | ||||||
Total stockholders’ equity | 1,218,929 | 1,235,860 | 1,121,768 | |||||||||
Total liabilities and stockholders’ equity | $ | 4,418,115 | $ | 4,054,042 | $ | 3,788,365 |
Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Total Stockholders’ Equity | |||||||||||||||||||||||
In thousands | Shares | Amount | ||||||||||||||||||||||||||
Balance at February 2, 2020 | 77,137 | $ | 772 | $ | 605,822 | $ | 644,794 | $ | (14,587 | ) | $ | (941 | ) | $ | 1,235,860 | |||||||||||||
Net earnings | — | — | — | 35,423 | — | — | 35,423 | |||||||||||||||||||||
Foreign currency translation adjustments | — | — | — | — | (5,276 | ) | — | (5,276 | ) | |||||||||||||||||||
Change in fair value of derivative financial instruments, net of tax | — | — | — | — | 549 | — | 549 | |||||||||||||||||||||
Reclassification adjustment for realized (gain) on derivative financial instruments, net of tax | — | — | — | — | (37 | ) | — | (37 | ) | |||||||||||||||||||
Conversion/release of stock-based awards 1 | 622 | 6 | (28,747 | ) | — | — | (171 | ) | (28,912 | ) | ||||||||||||||||||
Reissuance of treasury stock under stock-based compensation plans 1 | — | — | (499 | ) | (14 | ) | — | 513 | — | |||||||||||||||||||
Stock-based compensation expense | — | — | 19,608 | — | — | — | 19,608 | |||||||||||||||||||||
Dividends declared | — | — | — | (38,286 | ) | — | — | (38,286 | ) | |||||||||||||||||||
Balance at May 3, 2020 | 77,759 | $ | 778 | $ | 596,184 | $ | 641,917 | $ | (19,351 | ) | $ | (599 | ) | $ | 1,218,929 | |||||||||||||
Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Total Stockholders’ Equity | |||||||||||||||||||||||
In thousands | Shares | Amount | ||||||||||||||||||||||||||
Balance at February 3, 2019 | 78,813 | $ | 789 | $ | 581,900 | $ | 584,333 | $ | (11,073 | ) | $ | (235 | ) | $ | 1,155,714 | |||||||||||||
Net earnings | — | — | — | 52,656 | — | — | 52,656 | |||||||||||||||||||||
Foreign currency translation adjustments | — | — | — | — | (3,009 | ) | — | (3,009 | ) | |||||||||||||||||||
Change in fair value of derivative financial instruments, net of tax | — | — | — | — | 204 | — | 204 | |||||||||||||||||||||
Reclassification adjustment for realized (gain) on derivative financial instruments, net of tax | — | — | — | — | (67 | ) | — | (67 | ) | |||||||||||||||||||
Conversion/release of stock-based awards 1 | 571 | 5 | (25,298 | ) | — | — | (113 | ) | (25,406 | ) | ||||||||||||||||||
Repurchases of common stock | (576 | ) | (6 | ) | (2,874 | ) | (30,010 | ) | — | (958 | ) | (33,848 | ) | |||||||||||||||
Reissuance of treasury stock under stock-based compensation plans 1 | — | — | (332 | ) | — | — | 332 | — | ||||||||||||||||||||
Stock-based compensation expense | — | — | 18,376 | — | — | — | 18,376 | |||||||||||||||||||||
Dividends declared | — | — | — | (39,549 | ) | — | — | (39,549 | ) | |||||||||||||||||||
Adoption of accounting pronouncements 2 | — | — | — | (3,303 | ) | — | — | (3,303 | ) | |||||||||||||||||||
Balance at May 5, 2019 | 78,808 | $ | 788 | $ | 571,772 | $ | 564,127 | $ | (13,945 | ) | $ | (974 | ) | $ | 1,121,768 |
Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Total Stockholders’ Equity | |||||||||||||||||||||||
In thousands | Shares | Amount | ||||||||||||||||||||||||||
Balance at February 3, 2019 | 78,813 | $ | 789 | $ | 581,900 | $ | 584,333 | $ | (11,073 | ) | $ | (235 | ) | $ | 1,155,714 | |||||||||||||
Net earnings | — | — | — | 52,656 | — | — | 52,656 | |||||||||||||||||||||
Foreign currency translation adjustments | — | — | — | — | (3,009 | ) | — | (3,009 | ) | |||||||||||||||||||
Change in fair value of derivative financial instruments, net of tax | — | — | — | — | 204 | — | 204 | |||||||||||||||||||||
Reclassification adjustment for realized (gain) loss on derivative financial instruments, net of tax | — | — | — | — | (67 | ) | — | (67 | ) | |||||||||||||||||||
Conversion/release of stock-based awards 1 | 571 | 5 | (25,298 | ) | — | — | (113 | ) | (25,406 | ) | ||||||||||||||||||
Repurchases of common stock | (576 | ) | (6 | ) | (2,874 | ) | (30,010 | ) | — | (958 | ) | (33,848 | ) | |||||||||||||||
Reissuance of treasury stock under stock-based compensation plans 1 | — | — | (332 | ) | — | — | 332 | — | ||||||||||||||||||||
Stock-based compensation expense | — | — | 18,376 | — | — | — | 18,376 | |||||||||||||||||||||
Dividends declared | — | — | — | (39,549 | ) | — | — | (39,549 | ) | |||||||||||||||||||
Adoption of accounting pronouncements 2 | — | — | — | (3,303 | ) | — | — | (3,303 | ) | |||||||||||||||||||
Balance at May 5, 2019 | 78,808 | $ | 788 | $ | 571,772 | $ | 564,127 | $ | (13,945 | ) | $ | (974 | ) | $ | 1,121,768 | |||||||||||||
Net earnings | — | — | — | 62,648 | — | — | 62,648 | |||||||||||||||||||||
Foreign currency translation adjustments | — | — | — | — | (1,251 | ) | — | (1,251 | ) | |||||||||||||||||||
Change in fair value of derivative financial instruments, net of tax | — | — | — | — | (132 | ) | — | (132 | ) | |||||||||||||||||||
Reclassification adjustment for realized (gain) loss on derivative financial instruments, net of tax | — | — | — | — | (160 | ) | — | (160 | ) | |||||||||||||||||||
Conversion/release of stock-based awards 1 | 31 | 1 | (482 | ) | — | — | — | (481 | ) | |||||||||||||||||||
Repurchases of common stock | (636 | ) | (6 | ) | (3,170 | ) | (35,107 | ) | — | — | (38,283 | ) | ||||||||||||||||
Stock-based compensation expense | — | — | 16,708 | — | — | — | 16,708 | |||||||||||||||||||||
Dividends declared | — | — | — | (39,214 | ) | — | — | (39,214 | ) | |||||||||||||||||||
Balance at August 4, 2019 | 78,203 | $ | 783 | $ | 584,828 | $ | 552,454 | $ | (15,488 | ) | $ | (974 | ) | $ | 1,121,603 | |||||||||||||
Net earnings | — | — | — | 74,713 | — | — | 74,713 | |||||||||||||||||||||
Foreign currency translation adjustments | — | — | — | — | 1,783 | — | 1,783 | |||||||||||||||||||||
Change in fair value of derivative financial instruments, net of tax | — | — | — | — | 5 | — | 5 | |||||||||||||||||||||
Reclassification adjustment for realized (gain) loss on derivative financial instruments, net of tax | — | — | — | — | (8 | ) | — | (8 | ) | |||||||||||||||||||
Conversion/release of stock-based awards 1 | 19 | — | (715 | ) | — | — | (21 | ) | (736 | ) | ||||||||||||||||||
Repurchases of common stock | (610 | ) | (6 | ) | (3,068 | ) | (37,509 | ) | — | — | (40,583 | ) | ||||||||||||||||
Reissuance of treasury stock under stock-based compensation plans 1 | — | — | (54 | ) | — | — | 54 | — | ||||||||||||||||||||
Stock-based compensation expense | — | — | 14,000 | — | — | — | 14,000 | |||||||||||||||||||||
Dividends declared | — | — | — | (38,884 | ) | — | — | (38,884 | ) | |||||||||||||||||||
Balance at November 3, 2019 | 77,612 | $ | 777 | $ | 594,991 | $ | 550,774 | $ | (13,708 | ) | $ | (941 | ) | $ | 1,131,893 |
1 | Amounts are shown net of shares withheld for employee taxes. |
2 | Relates to our adoption of ASU 2016-02, Leases, in fiscal 2019. |
Thirteen Weeks Ended | ||||||||
In thousands | May 3, 2020 | May 5, 2019 | ||||||
Cash flows from operating activities: | ||||||||
Net earnings | $ | 35,423 | $ | 52,656 | ||||
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities: | ||||||||
Depreciation and amortization | 46,224 | 46,838 | ||||||
(Gain) loss on disposal/impairment of assets | 16,185 | (323 | ) | |||||
Amortization of deferred lease incentives | (1,405 | ) | (2,306 | ) | ||||
Non-cash lease expense | 54,262 | 51,596 | ||||||
Deferred income taxes | (2,585 | ) | (4,126 | ) | ||||
Tax benefit related to stock-based awards | 12,039 | 14,898 | ||||||
Stock-based compensation expense | 19,703 | 18,529 | ||||||
Other | 129 | 69 | ||||||
Changes in: | ||||||||
Accounts receivable | 8,950 | 4,684 | ||||||
Merchandise inventories | 28,513 | (31,460 | ) | |||||
Prepaid expenses and other assets | (215 | ) | (4,914 | ) | ||||
Accounts payable | (92,871 | ) | (144,399 | ) | ||||
Accrued expenses and other liabilities | (29,050 | ) | (49,196 | ) | ||||
Gift card and other deferred revenue | 9,960 | 1,558 | ||||||
Operating lease liabilities | (57,629 | ) | (55,099 | ) | ||||
Income taxes payable | 6,240 | 2,915 | ||||||
Net cash provided by (used in) operating activities | 53,873 | (98,080 | ) | |||||
Cash flows from investing activities: | ||||||||
Purchases of property and equipment | (42,321 | ) | (36,148 | ) | ||||
Other | 242 | 107 | ||||||
Net cash used in investing activities | (42,079 | ) | (36,041 | ) | ||||
Cash flows from financing activities: | ||||||||
Borrowings under revolving line of credit | 487,823 | — | ||||||
Payment of dividends | (39,391 | ) | (36,868 | ) | ||||
Tax withholdings related to stock-based awards | (28,912 | ) | (25,406 | ) | ||||
Repurchases of common stock | — | (33,848 | ) | |||||
Net cash provided by (used in) financing activities | 419,520 | (96,122 | ) | |||||
Effect of exchange rates on cash and cash equivalents | (2,474 | ) | (1,028 | ) | ||||
Net increase (decrease) in cash and cash equivalents | 428,840 | (231,271 | ) | |||||
Cash and cash equivalents at beginning of period | 432,162 | 338,954 | ||||||
Cash and cash equivalents at end of period | $ | 861,002 | $ | 107,683 |
Thirty-nine Weeks Ended | ||||||||
In thousands | November 1, 2020 | November 3, 2019 | ||||||
Cash flows from operating activities: | ||||||||
Net earnings | $ | 371,759 | $ | 190,017 | ||||
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities: | ||||||||
Depreciation and amortization | 140,340 | 140,495 | ||||||
(Gain) loss on disposal/impairment of assets | 26,220 | 682 | ||||||
Amortization of deferred lease incentives | (4,538 | ) | (5,985 | ) | ||||
Non-cash lease expense | 162,767 | 160,138 | ||||||
Deferred income taxes | (6,969 | ) | (10,937 | ) | ||||
Tax benefit related to stock-based awards | 13,143 | 13,648 | ||||||
Stock-based compensation expense | 54,671 | 49,516 | ||||||
Other | (9 | ) | 14 | |||||
Changes in: | ||||||||
Accounts receivable | (18,017 | ) | (2,842 | ) | ||||
Merchandise inventories | (22,990 | ) | (133,637 | ) | ||||
Prepaid expenses and other assets | (4,807 | ) | (24,157 | ) | ||||
Accounts payable | 54,279 | (92,101 | ) | |||||
Accrued expenses and other liabilities | 58,539 | (24,148 | ) | |||||
Gift card and other deferred revenue | 59,953 | 5,848 | ||||||
Operating lease liabilities | (171,245 | ) | (168,308 | ) | ||||
Income taxes payable | 13,532 | (8,293 | ) | |||||
Net cash provided by operating activities | 726,628 | 89,950 | ||||||
Cash flows from investing activities: | ||||||||
Purchases of property and equipment | (124,885 | ) | (121,154 | ) | ||||
Other | 506 | 470 | ||||||
Net cash used in investing activities | (124,379 | ) | (120,684 | ) | ||||
Cash flows from financing activities: | ||||||||
Borrowings under revolving line of credit | 487,823 | 100,000 | ||||||
Repayments under the revolving line of credit | (487,823 | ) | — | |||||
Payment of dividends | (116,761 | ) | (113,159 | ) | ||||
Repurchases of common stock | (109,048 | ) | (112,714 | ) | ||||
Tax withholdings related to stock-based awards | (30,555 | ) | (26,623 | ) | ||||
Debt issuance costs | (3,645 | ) | — | |||||
Net cash used in financing activities | (260,009 | ) | (152,496 | ) | ||||
Effect of exchange rates on cash and cash equivalents | (1,232 | ) | (699 | ) | ||||
Net increase (decrease) in cash and cash equivalents | 341,008 | (183,929 | ) | |||||
Cash and cash equivalents at beginning of period | 432,162 | 338,954 | ||||||
Cash and cash equivalents at end of period | $ | 773,170 | $ | 155,025 |
Shares | ||||
Balance at February 2, 2020 | 2,884,194 | |||
Granted | ||||
267,000 | ||||
Released 1 | (1,030,199 | ) | ||
Cancelled | ( | ) | ||
Balance at | ||||
Vested plus expected to vest at | 2,340,530 |
1 |
Excludes 170,308 incremental shares released due to achievement of performance conditions above target. |
In thousands, except per share amounts | Net Earnings | Weighted Average Shares | Earnings Per Share | |||||||||
Thirteen weeks ended May 3, 2020 | ||||||||||||
Basic | $ | 35,423 | 77,262 | $ | 0.46 | |||||||
Effect of dilutive stock-based awards | 1,137 | |||||||||||
Diluted | $ | 35,423 | 78,399 | $ | 0.45 | |||||||
Thirteen weeks ended May 5, 2019 | ||||||||||||
Basic | $ | 52,656 | 78,683 | $ | 0.67 | |||||||
Effect of dilutive stock-based awards | 1,184 | |||||||||||
Diluted | $ | 52,656 | 79,867 | $ | 0.66 |
In thousands, except per share amounts | Net Earnings | Weighted Average Shares | Earnings Per Share | |||||||||
Thirteen weeks ended November 1, 2020 | ||||||||||||
Basic | $ | 201,772 | 77,487 | $ | 2.60 | |||||||
Effect of dilutive stock-based awards | 1,845 | |||||||||||
Diluted | $ | 201,772 | 79,332 | $ | 2.54 | |||||||
Thirteen weeks ended November 3, 2019 | ||||||||||||
Basic | $ | 74,713 | 77,897 | $ | 0.96 | |||||||
Effect of dilutive stock-based awards | 1,294 | |||||||||||
Diluted | $ | 74,713 | 79,191 | $ | 0.94 | |||||||
Thirty-nine weeks ended November 1, 2020 | ||||||||||||
Basic | $ | 371,759 | 77,511 | $ | 4.80 | |||||||
Effect of dilutive stock-based awards | 1,501 | |||||||||||
Diluted | $ | 371,759 | 79,012 | $ | 4.71 | |||||||
Thirty-nine weeks ended November 3, 2019 | ||||||||||||
Basic | $ | 190,017 | 78,356 | $ | 2.43 | |||||||
Effect of dilutive stock-based awards | 1,109 | |||||||||||
Diluted | $ | 190,017 | 79,465 | $ | 2.39 |
Thirteen Weeks Ended | ||||||||
In thousands | May 3, 2020 | May 5, 2019 | ||||||
Pottery Barn | $ | 479,615 | $ | 492,126 | ||||
West Elm | 315,430 | 309,483 | ||||||
Williams Sonoma | 199,302 | 194,894 | ||||||
Pottery Barn Kids and Teen | 188,552 | 177,046 | ||||||
Other 1 | 52,304 | 67,583 | ||||||
Total 2 | $ | 1,235,203 | $ | 1,241,132 |
Thirteen Weeks Ended | Thirty-nine Weeks Ended | |||||||||||||||
In thousands | November 1, 2020 | November 3, 2019 | November 1, 2020 | November 3, 2019 | ||||||||||||
Pottery Barn | $ | 684,029 | $ | 556,985 | $ | 1,726,920 | $ | 1,573,958 | ||||||||
West Elm | 474,959 | 390,341 | 1,170,941 | 1,057,398 | ||||||||||||
Williams Sonoma | 259,725 | 205,493 | 702,160 | 591,761 | ||||||||||||
Pottery Barn Kids and Teen | 277,598 | 228,051 | 702,137 | 632,950 | ||||||||||||
Other 1 | 68,225 | 61,602 | 188,358 | 198,351 | ||||||||||||
Total 2 | $ | 1,764,536 | $ | 1,442,472 | $ | 4,490,516 | $ | 4,054,418 |
1 | Primarily consists of net revenues from our international franchise operations, Rejuvenation and Mark and Graham. |
2 | Includes net revenues related to our international operations (including our operations in Canada, Australia, the United Kingdom and our franchise businesses) of approximately |
In thousands | May 3, 2020 | May 5, 2019 | ||||||
U.S. | $ | 2,117,469 | $ | 2,136,000 | ||||
International | 151,602 | 166,719 | ||||||
Total | $ | 2,269,071 | $ | 2,302,719 |
In thousands | November 1, 2020 | November 3, 2019 | ||||||
U.S. | $ | 2,025,140 | $ | 2,140,505 | ||||
International | 148,582 | 164,074 | ||||||
Total | $ | 2,173,722 | $ | 2,304,579 |
In thousands | May 3, 2020 | May 5, 2019 | ||||||
Contracts designated as cash flow hedges | $ | 11,600 | $ | 10,800 | ||||
Contracts not designated as cash flow hedges | $ | — | $ | — |
In thousands | November 1, 2020 | November 3, 2019 | ||||||
Contracts designated as cash flow hedges | $ | 28,200 | $ | 19,700 |
In thousands | May 3, 2020 | May 5, 2019 | ||||||
Net gain recognized in OCI | $ | 745 | $ | 278 |
Thirteen Weeks Ended | Thirty-nine Weeks Ended | |||||||||||||||||||||||||||||||
November 1, 2020 | November 3, 2019 | November 1, 2020 | November 3, 2019 | |||||||||||||||||||||||||||||
In thousands | Cost of goods sold | Selling, general and administrative expenses | Cost of goods sold | Selling, general and administrative expenses | Cost of goods sold | Selling, general and administrative expenses | Cost of goods sold | Selling, general and administrative expenses | ||||||||||||||||||||||||
Line items presented in the Condensed Consolidated Statement of Earnings in which the effects of derivatives are recorded | $ | 1,058,953 | $ | 430,979 | $ | 924,300 | $ | 416,281 | $ | 2,819,471 | $ | 1,162,435 | $ | 2,608,054 | $ | 1,184,176 | ||||||||||||||||
Gain (loss) recognized in income | ||||||||||||||||||||||||||||||||
Derivatives designated as cash flow hedges | $ | 315 | $ | — | $ | 204 | $ | — | $ | 510 | $ | — | $ | 499 | $ | — | ||||||||||||||||
Derivatives not designated as hedging instruments | $ | — | $ | (22 | ) | $ | — | $ | 6 | $ | — | $ | (20 | ) | $ | — | $ | 24 |
May 3, 2020 | May 5, 2019 | |||||||||||||||
In thousands | Cost of goods sold | Selling, general and administrative expenses | Cost of goods sold | Selling, general and administrative expenses | ||||||||||||
Line items presented in the Condensed Consolidated Statement of Earnings in which the effects of derivatives are recorded | $ | 820,943 | $ | 365,615 | $ | 796,801 | $ | 370,199 | ||||||||
Gain (loss) recognized in income | ||||||||||||||||
Derivatives designated as cash flow hedges | $ | 50 | $ | — | $ | 108 | $ | — | ||||||||
Derivatives not designated as hedging instruments | $ | — | $ | 2 | $ | — | $ | (6 | ) |
In thousands | May 3, 2020 | May 5, 2019 | ||||||
Derivatives designated as cash flow hedges: | ||||||||
Other current assets | $ | 698 | $ | 475 |
In thousands | November 1, 2020 | November 3, 2019 | ||||||
Derivatives designated as cash flow hedges: | ||||||||
Other current assets | $ | 181 | $ | 132 | ||||
Other current liabilities | $ | (7 | ) | $ | — |
In thousands | Foreign Currency Translation | Cash Flow Hedges | Accumulated Other Comprehensive Income (Loss) | |||||||||
Balance at February 2, 2020 | $ | (14,593 | ) | $ | 6 | $ | (14,587 | ) | ||||
Foreign currency translation adjustments | (5,276 | ) | — | (5,276 | ) | |||||||
Change in fair value of derivative financial instruments | — | 549 | 549 | |||||||||
Reclassification adjustment for realized (gain) on derivative financial instruments 1 | — | (37 | ) | (37 | ) | |||||||
Other comprehensive income (loss) | (5,276 | ) | 512 | (4,764 | ) | |||||||
Balance at May 3, 2020 | $ | (19,869 | ) | $ | 518 | $ | (19,351 | ) | ||||
Balance at February 3, 2019 | $ | (11,259 | ) | $ | 186 | $ | (11,073 | ) | ||||
Foreign currency translation adjustments | (3,009 | ) | — | (3,009 | ) | |||||||
Change in fair value of derivative financial instruments | — | 204 | 204 | |||||||||
Reclassification adjustment for realized (gain) on derivative financial instruments 1 | — | (67 | ) | (67 | ) | |||||||
Other comprehensive income (loss) | (3,009 | ) | 137 | (2,872 | ) | |||||||
Balance at May 5, 2019 | $ | (14,268 | ) | $ | 323 | $ | (13,945 | ) |
In thousands | Foreign Currency Translation | Cash Flow Hedges | Accumulated Other Comprehensive Income (Loss) | |||||||||
Balance at February 2, 2020 | $ | (14,593 | ) | $ | 6 | $ | (14,587 | ) | ||||
Foreign currency translation adjustments | (5,276 | ) | — | (5,276 | ) | |||||||
Change in fair value of derivative financial instruments | — | 549 | 549 | |||||||||
Reclassification adjustment for realized (gain) loss on derivative financial instruments 1 | — | (37 | ) | (37 | ) | |||||||
Other comprehensive income (loss) | (5,276 | ) | 512 | (4,764 | ) | |||||||
Balance at May 3, 2020 | (19,869 | ) | 518 | (19,351 | ) | |||||||
Foreign currency translation adjustments | 6,737 | — | 6,737 | |||||||||
Change in fair value of derivative financial instruments | — | (200 | ) | (200 | ) | |||||||
Reclassification adjustment for realized (gain) loss on derivative financial instruments 1 | — | (107 | ) | (107 | ) | |||||||
Other comprehensive income (loss) | 6,737 | (307 | ) | 6,430 | ||||||||
Balance at August 2, 2020 | $ | (13,132 | ) | $ | 211 | $ | (12,921 | ) | ||||
Foreign currency translation adjustments | (745 | ) | — | (745 | ) | |||||||
Change in fair value of derivative financial instruments | — | 54 | 54 | |||||||||
Reclassification adjustment for realized (gain) loss on derivative financial instruments 1 | — | (231 | ) | (231 | ) | |||||||
Other comprehensive income (loss) | (745 | ) | (177 | ) | (922 | ) | ||||||
Balance at November 1, 2020 | $ | (13,877 | ) | $ | 34 | $ | (13,843 | ) | ||||
Balance at February 3, 2019 | $ | (11,259 | ) | $ | 186 | $ | (11,073 | ) | ||||
Foreign currency translation adjustments | (3,009 | ) | — | (3,009 | ) | |||||||
Change in fair value of derivative financial instruments | — | 204 | 204 | |||||||||
Reclassification adjustment for realized (gain) loss on derivative financial instruments 1 | — | (67 | ) | (67 | ) | |||||||
Other comprehensive income (loss) | (3,009 | ) | 137 | (2,872 | ) | |||||||
Balance at May 5, 2019 | (14,268 | ) | 323 | (13,945 | ) | |||||||
Foreign currency translation adjustments | (1,251 | ) | — | (1,251 | ) | |||||||
Change in fair value of derivative financial instruments | — | (132 | ) | (132 | ) | |||||||
Reclassification adjustment for realized (gain) loss on derivative financial instruments 1 | — | (160 | ) | (160 | ) | |||||||
Other comprehensive income (loss) | (1,251 | ) | (292 | ) | (1,543 | ) | ||||||
Balance at August 4, 2019 | $ | (15,519 | ) | $ | 31 | $ | (15,488 | ) | ||||
Foreign currency translation adjustments | 1,783 | — | 1,783 | |||||||||
Change in fair value of derivative financial instruments | — | 5 | 5 | |||||||||
Reclassification adjustment for realized (gain) loss on derivative financial instruments 1 | — | (8 | ) | (8 | ) | |||||||
Other comprehensive income (loss) | 1,783 | (3 | ) | 1,780 | ||||||||
Balance at November 1, 2019 | $ | (13,736 | ) | $ | 28 | $ | (13,708 | ) |
1 | Refer to Note H for additional disclosures about reclassifications out of accumulated other comprehensive income and their corresponding effects on the respective line items in the Condensed Consolidated Statements of Earnings. |
Thirteen Weeks Ended | ||||||||
Comparable brand revenue growth (decline) | May 3, 2020 | May 5, 2019 | ||||||
Pottery Barn | (1.1 | %) | 1.5 | % | ||||
West Elm | 3.3 | % | 11.8 | % | ||||
Williams Sonoma | 5.4 | % | (1.6 | %) | ||||
Pottery Barn Kids and Teen | 8.5 | % | 1.2 | % | ||||
Total 1 | 2.6 | % | 3.5 | % |
Thirteen Weeks Ended | Thirty-nine Weeks Ended | |||||||||||||||
Comparable brand revenue growth (decline) | November 1, 2020 | November 3, 2019 | November 1, 2020 | November 3, 2019 | ||||||||||||
Pottery Barn | 24.1 | % | 3.4 | % | 10.9 | % | 3.1 | % | ||||||||
West Elm | 21.8 | % | 14.1 | % | 11.4 | % | 14.5 | % | ||||||||
Williams Sonoma | 30.4 | % | (2.1 | %) | 21.9 | % | (1.6 | %) | ||||||||
Pottery Barn Kids and Teen | 23.8 | % | 4.0 | % | 12.7 | % | 3.1 | % | ||||||||
Total 1 | 24.4 | % | 5.5 | % | 13.1 | % | 5.2 | % |
1 | Total comparable brand revenue growth includes the results of Rejuvenation and Mark and Graham. |
Store Count | Average Leased Square Footage Per Store | |||||||||||||||||||||||||||
February 2, 2020 | Openings | Closings | May 3, 2020 1 | May 5, 2019 | May 3, 2020 | May 5, 2019 | ||||||||||||||||||||||
Williams Sonoma | 211 | 1 | — | 212 | 219 | 6,900 | 6,800 | |||||||||||||||||||||
Pottery Barn | 201 | — | — | 201 | 205 | 14,400 | 14,100 | |||||||||||||||||||||
West Elm | 118 | 2 | (1 | ) | 119 | 113 | 13,200 | 13,100 | ||||||||||||||||||||
Pottery Barn Kids | 74 | — | — | 74 | 78 | 7,700 | 7,500 | |||||||||||||||||||||
Rejuvenation | 10 | — | — | 10 | 10 | 8,500 | 8,500 | |||||||||||||||||||||
Total | 614 | 3 | (1 | ) | 616 | 625 | 10,700 | 10,500 | ||||||||||||||||||||
Store selling square footage at period-end | 4,148,000 | 4,094,000 | ||||||||||||||||||||||||||
Store leased square footage at period-end | 6,580,000 | 6,549,000 |
Store Count | Average Leased Square Footage Per Store | |||||||||||||||||||||||||||
August 2, 2020 1 | Openings 2 | Closings 2 | November 1, 2020 | November 3, 2019 | November 1, 2020 | November 3, 2019 | ||||||||||||||||||||||
Williams Sonoma | 210 | 1 | (1 | ) | 210 | 218 | 6,800 | 6,900 | ||||||||||||||||||||
Pottery Barn | 201 | 1 | (1 | ) | 201 | 205 | 14,400 | 14,400 | ||||||||||||||||||||
West Elm | 121 | 2 | (1 | ) | 122 | 114 | 13,100 | 13,100 | ||||||||||||||||||||
Pottery Barn Kids | 72 | — | (1 | ) | 71 | 79 | 7,800 | 7,500 | ||||||||||||||||||||
Rejuvenation | 10 | — | — | 10 | 10 | 8,500 | 8,500 | |||||||||||||||||||||
Total | 614 | 4 | (4 | ) | 614 | 626 | 10,700 | 10,600 | ||||||||||||||||||||
Store selling square footage at period-end | 4,143,000 | 4,154,000 | ||||||||||||||||||||||||||
Store leased square footage at period-end | 6,569,000 | 6,622,000 |
1 | Store counts as of COVID-19. |
2 | Store count data excludes temporary closures and re-openings of our stores due toCOVID-19. |
Thirteen Weeks Ended | ||||||||||||||||
In thousands | May 3, 2020 | % Net Revenues | May 5, 2019 | % Net Revenues | ||||||||||||
Cost of goods sold 1 | $ | 820,943 | 66.5 | % | $ | 796,801 | 64.2 | % |
Thirteen Weeks Ended | Thirty-nine Weeks Ended | |||||||||||||||||||||||||||||||
In thousands | November 1, 2020 | % Net Revenues | November 3, 2019 | % Net Revenues | November 1, 2020 | % Net Revenues | November 3, 2019 | % Net Revenues | ||||||||||||||||||||||||
Cost of goods sold 1 | $ | 1,058,953 | 60.0 | % | $ | 924,300 | 64.1 | % | $ | 2,819,471 | 62.8 | % | $ | 2,608,054 | 64.3 | % |
1 | Includes total occupancy expenses of year-to-date year-to-date |
Thirteen Weeks Ended | ||||||||||||||||
In thousands | May 3, 2020 | % Net Revenues | May 5, 2019 | % Net Revenues | ||||||||||||
Selling, general and administrative expenses | $ | 365,615 | 29.6 | % | $ | 370,199 | 29.8 | % |
Thirteen Weeks Ended | Thirty-nine Weeks Ended | |||||||||||||||||||||||||||||||
In thousands | November 1, 2020 | % Net Revenues | November 3, 2019 | % Net Revenues | November 1, 2020 | % Net Revenues | November 3, 2019 | % Net Revenues | ||||||||||||||||||||||||
Selling, general and administrative expenses | $ | 430,979 | 24.4 | % | $ | 416,281 | 28.9 | % | $ | 1,162,435 | 25.9 | % | $ | 1,184,176 | 29.2 | % |
Fiscal period | Total Number of Shares Purchased 1 | Average Price Paid Per Share | Total Number of Shares Purchased as Part of a Publicly Announced Program 1 | Maximum Dollar Value of Shares That May Yet Be Purchased Under the Program | ||||||||||||
August 3, 2020 – August 30, 2020 | — | — | — | $ | 574,982,000 | |||||||||||
August 31, 2020 – September 27, 2020 | — | — | — | $ | 574,982,000 | |||||||||||
September 28, 2020 – November 1, 2020 | 1,119,335 | $ | 97.42 | 1,119,335 | $ | 465,934,000 | ||||||||||
Total | 1,119,335 | $ | 97.42 | 1,119,335 | $ | 465,934,000 |
1 | Excludes shares withheld for employee taxes upon vesting of stock-based awards. |
Exhibit Number | Exhibit Description | |||
10.1* | Seventh Amendment to Reimbursement Agreement between Williams-Sonoma, Inc., Williams-Sonoma Singapore Pte. Ltd., and Bank of America, N.A., dated as of August 23, 2020 | |||
10.2* | Seventh Amendment to Reimbursement Agreement between Williams-Sonoma, Inc., Williams-Sonoma Singapore Pte. Ltd., and Wells Fargo Bank, N.A., dated as of August 23, 2020 | |||
10.3* | Seventh Amendment to Reimbursement Agreement between Williams-Sonoma, Inc., Williams-Sonoma Singapore Pte. Ltd., and U.S. Bank National Association, dated as of August 23, 2020 | |||
31.1* | Certification of Chief Executive Officer, pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act, as amended | |||
31.2* | ||||
32.1* | ||||
32.2* | ||||
101* | ||||
The following financial statements from the Company’s Quarterly Report on Form 10-Q for the quarter ended | ||||
104* | ||||
Cover Page Interactive Data File (formatted as Inline XBRL and contained in the Interactive Data Files submitted under Exhibit 101). |
* | Filed herewith. |
WILLIAMS-SONOMA, INC. | ||
By: | ||
/s/ Julie Whalen | ||
Julie Whalen | ||
Duly Authorized Officer and Chief Financial Officer |