RTTNews | May 26, 2021 04:55PM EDT

16:54 Wednesday, May 26, 2021 (RTTNews.com) - Shares of Williams-Sonoma Inc. (WSM) gained over 3% in extended session Wednesday after the luxury home furnishing retailer's first-quarter profit increased and trumped Wall Street estimates, driven by strong revenue growth across all brands.

First-quarter net earnings were $227.8 million or $2.90 per share, up from $35.4 million or $0.45 per share last year.

Adjusted earnings for the quarter were $2.93 per share, up from $0.74 per share last year. On average, 20 analysts polled by Thomson Reuters expected earnings of $1.83 per share. Analysts' estimates typically exclude one-time items.

Revenues for the first quarter rose to $1.75 billion from $1.24 billion last year. Analysts had a consensus revenue estimate of $1.52 billion.

Comparable brand revenue growth surged to 40.4%, with all brands accelerating sequentially including West Elm at 50.9%, Pottery Barn at 41.3%, Williams Sonoma at 35.3% and Pottery Barn Kids and Teen at 27.6%.

"We are proud to report another record quarter of accelerating revenue and profitability with over 40% comp growth and a 950bps expansion in our non-GAAP operating margin. These results were driven by strength across all of our brands," said CEO Laura Alber.

Looking forward to full year 2021, the company now sees low double-digit to mid-teen net revenue growth and year-over-year adjusted operating margin expansion.

WSM closed Wednesday's trading at $171.29, up $4.30 or 2.57%, on the NYSE. The stock further gained $5.51 or 3.22% in the after-hours trading.

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