Home Home Decor Williams Sonoma reveals top customer segment

Williams Sonoma reveals top customer segment


SAN FRANCISCO – The percentage of sales coming from Williams Sonoma Inc.’s most productive customer segment hit a record high last year.

The company’s cross-brand customers – who shop across its various home furnishings nameplates – accounted for approximately 60% of total sales. Cross-brand customer counts also grew faster in 2021 than those of the single-brand customer, according to Laura Alber, the corporation’s president and CEO.

“While new customer acquisition is always a priority and continues to grow, we believe we have even more upside by increasing our share of wallet with our existing customer base,” she said during the company’s Q4 review call.

Supply chain disruption persists, with elevated back orders above the pre-pandemic average but coming down. On-hand inventory is down 13% on a two-year basis. “Hopefully, by the back half of the year, we’ll be in a much better position,” said Julie Whalen, executive vice president and chief financial officer.

For the fourth quarter ended Jan. 30, the company reported:

  • Williams-Sonoma: Fourth-quarter comp rose 4.5% on top of a 26.2% comp last year, with growth driven by demand for entertaining at home and gift-giving. Full-year comp increased 10.5%, building to a 34.3% on a two-year basis.
  • West Elm: Comp was up 18.3% with strong growth across categories. The new categories of bath, kids and kitchen contributed to incremental growth. For the full year, comp was up 33.1% and up 48.3% on a two-year basis.
  • Pottery Barn: Comp in Q4 jumped 23.9% and was up 39.1% on a two-year basis. Pottery Barn Kids and Teen ran a negative 6.1%, primarily due to supply chain issues coming out of Vietnam. Pottery Barn Kids and Teen delivered a full-year comp of 11.6%, building to a 28.2% on a two-year basis.

The company sees continuing opportunity ahead to gain market share, Alber said.

“We all acknowledge there’s a great deal of uncertainty in the world we live in today, from rising interest rates to global conflicts. But what gives me confidence is that we operate in an industry that is really large and fragmented. And still, more than half of the sales are generated from smaller brick-and-mortar retailers,” she added.

wms-sonoma fintabs





Source link

RELATED ARTICLES

Ready to return to the 1980s? 1stDibs designers make predictions

Almost 30% of designers said pastel colors, which were popular in the 1980s, are coming back in style. Photo Credit: Zhao YihongNEW YORK...

More consumers hit the bricks (and mortar) on Black Friday, analysis shows

HIGH POINT — The expected brick-and-mortar holiday comeback became a reality as traffic at retail stores and shopping centers rose on Thanksgiving Day...

Common Thread for the Cure calls for donations today on Giving Tuesday

LEXINGTON, N.C. — Celebrating Giving Tuesday today – The Common Thread for the Cure Foundation is seeking donations for its Helping Hand Grants,...
- Advertisment -

Most Popular

Ready to return to the 1980s? 1stDibs designers make predictions

Almost 30% of designers said pastel colors, which were popular in the 1980s, are coming back in style. Photo Credit: Zhao YihongNEW YORK...

More consumers hit the bricks (and mortar) on Black Friday, analysis shows

HIGH POINT — The expected brick-and-mortar holiday comeback became a reality as traffic at retail stores and shopping centers rose on Thanksgiving Day...

Common Thread for the Cure calls for donations today on Giving Tuesday

LEXINGTON, N.C. — Celebrating Giving Tuesday today – The Common Thread for the Cure Foundation is seeking donations for its Helping Hand Grants,...

Surprise – more shoppers willing to pay full price, though selectively

Pittsburgh – Yes, consumers are expecting great deals this season, but new research suggests they’ll make exceptions for “the perfect gift.”

Recent Comments