The retail environment has been horrible and even the best companies are losing money. This morning we learned that Williams-Sonoma (WSM) reported a loss for its fiscal first quarter which ended on May 3.
In addition to Williams-Sonoma stores, the company also runs Pottery Barn and West Elm. For the quarter, the company lost 14 cents a share. The only bright spot is that this was seven cents better than expectations.
The company’s sales dropped 22% to $611.6 million. That’s pretty rough and I don’t see things improving soon. For this year, the company sees earnings coming in between a loss of seven cent per share and a profit of 11 cents per share. I rate Williams-Sonoma a Sell