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SAN FRANCISCO — Williams-Sonoma Inc. raised its full-year and third-quarter adjusted profit outlooks Wednesday after its second-quarter adjusted results topped Wall Street's expectations.
The retailer's shares climbed $2.10, or 13.6 percent, to $17.57 in morning trading.
Williams-Sonoma, whose stores include its namesake as well as Pottery Barn and West Elm, said it now anticipates 2009 adjusted earnings of 19 cents to 31 cents per share on sales of $2.84 billion to $2.94 billion. Its prior guidance was for a loss of 7 cents per share to a profit of 11 cents per share for the year, with sales between $2.81 billion and $2.94 billion.
Analysts forecast full-year net income of 4 cents per share on sales of $2.87 billion, according to a Thomson Reuters poll. Analysts' estimates generally exclude one-time items.
Williams-Sonoma also lifted its third-quarter adjust profit forecast to a range of a penny to 5 cents per share on sales of $660 million to $700 million. The company previously predicted a third-quarter loss of 2 cents per share to a loss of 8 cents per share on sales of $650 million to $690 million.
The company said its revenue forecasts assume that the sales improvement it has seen so far this year will continue.
Analysts expect a third-quarter loss of 6 cents per share on revenue of $667.9 million.
Williams-Sonoma also reported Wednesday that its second-quarter profit fell on charges and lower sales but adjusted profit of 5 cents per share beat the analysts' estimate for a loss of 9 cents per share.
