RTTNews | Mar 18, 2021 10:43AM EDT

10:42 Thursday, March 18, 2021 (RTTNews.com) - Shares of specialty retailer Williams-Sonoma, Inc. (WSM) are up more than 19% Thursday morning after reporting fourth quarter results that surpassed analysts' view.

The company's net income in the fourth quarter rose to $308.96 million or $3.92 per share from $166.05 million or $2.10 per share during the corresponding quarter last year.

Excluding one-off items, earnings were $3.95 per share that beat the average estimate of analysts polled by Thomson Reuters at $3.39 per share.

Revenue for the quarter increased to $2.292 billion from $1.843 billion last year.

"We are confident that we will deliver mid-to-high single digit revenue growth and operating margin expansion in 2021. Longer-term, we have accelerated our path to $10 billion in net revenues and see us hitting this milestone in the next five years, with operating margins at 15%," said Laura Alber, President and Chief Executive Officer.

WSM touched a new high of $163 this morning before slipping to trade at $162.72 currently.

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