Williams-Sonoma cuts FY23 revenue view to down 10%-12% from down 5%-10%

Consensus $7.92B. The company said, “We are updating our fiscal 2023 guidance. We now expect net revenue growth in the range of -10% to -12% with an operating margin between 16% to 16.5%. Our lower sales outlook is offset by our expected increased operating margin, producing higher implied EPS guidance. Over the long-term, we continue to expect mid-to-high single-digit annual net revenue growth with operating margin above 15%.”