Williams Sonoma Inc. Files 2024 Annual Report on Form 10-K

TL;DR

<b>Williams Sonoma Inc. has filed its 2024 Form 10-K detailing its financial performance and position for the fiscal year ending January 28, 2024.</b>

AI Summary

WILLIAMS SONOMA INC (WSM) filed a Annual Report (10-K) with the SEC on March 20, 2024. Williams Sonoma Inc. filed its 2024 Form 10-K on March 20, 2024, for the fiscal year ending January 28, 2024. The company is classified under the SIC code 5700 for Home Furniture, Furnishings & Equipment Stores. Incorporated in California, Williams Sonoma Inc. operates under the ticker symbol WSM. The filing covers the fiscal year 2023, with data points extending back to fiscal year 2021. Key financial statement components like common stock, retained earnings, and treasury stock are detailed for multiple fiscal periods.

Why It Matters

For investors and stakeholders tracking WILLIAMS SONOMA INC, this filing contains several important signals. This filing provides a comprehensive overview of Williams Sonoma's financial health and operational status, crucial for investors and analysts assessing the company's performance in the home furnishings retail sector. The detailed financial data, including balance sheet items and historical trends, allows stakeholders to evaluate the company's stability, growth prospects, and risk exposure.

Risk Assessment

Risk Level: — WILLIAMS SONOMA INC shows moderate risk based on this filing. The company operates in the highly competitive home furnishings retail sector, which is subject to economic downturns and changing consumer preferences, as indicated by its SIC code and business description.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand WSM's performance and outlook in the current retail environment.

Key Numbers

• 2024-01-28 — Fiscal Year End (Latest fiscal year end date)
• 2023-01-29 — Previous Fiscal Year End (Previous fiscal year end date)
• 2022-01-30 — Prior Fiscal Year End (Prior fiscal year end date)

Key Players & Entities

• WILLIAMS SONOMA INC (company) — Filer name
• WSM (company) — Ticker symbol
• 2024-01-28 (date) — Fiscal year end
• 2024-03-20 (date) — Filing date
• 5700 (industry_code) — Standard Industrial Classification
• CA (location) — State of incorporation

FAQ

Risk Factors

• Competition [high — market]: The company faces intense competition in the home furnishings and housewares market from various sources, including other retailers, manufacturers, and online sellers.
• Economic Conditions [high — market]: The company's performance is sensitive to general economic conditions, including consumer spending, disposable income, and housing market trends.
• Supply Chain Disruptions [medium — operational]: Disruptions in the global supply chain can impact inventory availability, product costs, and delivery times.
• E-commerce and Technology [medium — operational]: The company must adapt to evolving e-commerce trends and invest in technology to maintain its competitive position.

Key Dates

• 2024-01-28: Fiscal Year End — End of the reporting period for the 2024 10-K.
• 2024-03-20: Filing Date — Date the 10-K was officially filed with the SEC.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This is the primary document type filed, providing the core financial and operational data.)

Filing Documents

• wsm-20240128.htm (10-K) — 1337KB
• exhibit211fy2023subsidiari.htm (EX-21.1) — 4KB
• exhibit231fy2023consentofi.htm (EX-23.1) — 2KB
• exhibit311fy202310kceocert.htm (EX-31.1) — 11KB
• exhibit312fy202310kcfocert.htm (EX-31.2) — 11KB
• exhibit321fy202310kceocert.htm (EX-32.1) — 6KB
• exhibit322fy202310kcfocert.htm (EX-32.2) — 6KB
• exhibit971williams-sonomai.htm (EX-97.1) — 32KB
• wsm-20240128_g1.jpg (GRAPHIC) — 27KB
• 0001628280-24-012221.txt (&nbsp;) — 6835KB
• wsm-20240128.xsd (EX-101.SCH) — 48KB
• wsm-20240128_cal.xml (EX-101.CAL) — 81KB
• wsm-20240128_def.xml (EX-101.DEF) — 158KB
• wsm-20240128_lab.xml (EX-101.LAB) — 625KB
• wsm-20240128_pre.xml (EX-101.PRE) — 412KB
• wsm-20240128_htm.xml (XML) — 842KB

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K and the letter to stockholders contained in this Annual Report contain forward-looking statements within the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties, as well as assumptions that, if they do not fully materialize or prove incorrect, could cause our business and operating results to differ materially from those expressed or implied by such forward-looking statements. Such forward-looking statements include, without limitation, statements related to: projections of earnings, revenues, growth and other financial items; the strength of our business and our brands; our ability to execute strategic priorities and growth initiatives regarding digital leadership, product and technology innovation, cross-brand initiatives, retail transformation and operational excellence; our ability to execute on our environmental, social and governance initiatives; the continuing impact of inflation and measures to control inflation, including changing interest rates, on consumer spending; war in Ukraine and the Middle East, and shortages of various raw materials on our global supply chain, retail store operations and customer demand; labor and material shortages; the outcome of our growth initiatives; our ability to anticipate consumer preferences and buying trends; dependence on timely introduction and customer acceptance of our merchandise; changes in consumer spending based on weather, political, competitive and other conditions beyond our control; delays in store openings; competition from companies with concepts or products similar to ours; timely and effective sourcing of merchandise from our foreign and domestic suppliers and delivery of merchandise through our supply chain to our stores and customers; effective inventory management; our ability to manage customer returns; uncertainties in e-marketing, infrastructure and regulation; multi-channel

Risk Factors

Item 1A. Risk Factors 9

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 28

Cybersecurity

Item 1C. Cybersecurity 28

Properties

Item 2. Properties 30

Legal Proceedings

Item 3. Legal Proceedings 31

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 31 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 32

Reserved

Item 6. Reserved 33

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 34

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 44

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 45

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 70

Controls and Procedures

Item 9A. Controls and Procedures 70

Other Information

Item 9B. Other Information 70

Disclosure Regarding Foreign Jurisdictions That Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions That Prevent Inspections 70 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 71

Executive Compensation

Item 11. Executive Compensation 71

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 71

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 71

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 71 PART IV

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 72

Form 10-K Summary

Item 16. Form 10-K Summary 74 2 Table of Contents PART I

BUSINESS

ITEM 1. BUSINESS OVERVIEW Williams-Sonoma, Inc., (the "Company", "we", or "us") incorporated in 1973, is an omni-channel specialty retailer of high-quality products for the home. In 1956, our founder, Chuck Williams, turned a passion for cooking and eating with friends into a small business with a big idea. He opened a store in Sonoma, California to sell the French cookware that intrigued him while visiting Europe but that could not be found in America. Chuck's business, which set a standard for customer service, took off and helped fuel a revolution in American cooking and entertaining that continues today. In the decades that followed, the quality of our products, our ability to identify new opportunities in the market and our people-first approach to business have facilitated our expansion beyond the kitchen into nearly every area of the home. We are focused on three key priorities — returning to growth, elevating our world-class customer service and driving earnings. Our growth will be driven by our business strategies in each of our core businesses, our business-to-business program, our emerging brands and our global business. We will continue to improve our world-class customer service by driving supply chain improvements from reduced out-of-market and multiple shipments, fewer customer accommodations, lower returns and damages, and reduced replacements. Additionally, we see opportunity to drive margin by focusing on full-price selling and cost negotiations. As it relates to other cost efficiencies, we expect to maintain our employment cost savings that we achieved this year, following our comprehensive review of our organization structure. We are the world's largest digital-first, design-led and sustainable home retailer. Our products in our portfolio of nine brands — Williams Sonoma, Pottery Barn, Pottery Barn Kids, Pottery Barn Teen, West Elm, Williams Sonoma Home, Rejuvenation, Mark and Graham, and GreenRow — are marketed through e-commerce websites,

View Full Filing

View this 10-K filing on SEC EDGAR