RTTNews | Aug 26, 2021 10:01AM EDT

10:01 Thursday, August 26, 2021 (RTTNews.com) - Williams-Sonoma, Inc. (WSM) shares are rising more than 16 percent on Thursday morning trade after the company reported a higher profit that beat estimates. The company declared a quarterly cash dividend increase of 20.3 percent to $0.71. The Board of Directors also approved a new $1.25 billion stock repurchase authorization.

The sustainable home retailer raised full-year 2021 revenue growth expectations to high teens to low twenties, while the previous outlook was for low double-digit to mid-teen net revenue growth. The company now sees an adjusted operating margin between 16 to 17 percent.

The company announced 12.6 percent increase in second-quarter earnings to $246.07 million or $3.21 per share from $134.56 million or $1.70 per share in the previous year. On an adjusted basis, earnings were $3.24 per share. On average, 21 analysts polled by Thomson Reuters expected the company to earn $2.6 per share. Analysts estimates usually exclude special items.

Net revenues for the quarter climbed to $1.948 billion from $1.490 billion last year. Wall Street was looking for $1.81 billion. Comparable brand revenue growth of 29.8 percent.

Currently, shares are at $190.80, up 11.66 percent from the previous close of $170.74 on a volume of 1,202,661. For the 52-week period, the shares have traded in a range of $81.77-$204.41 on average volume of 942,003.

Read the original article on RTTNews ( https://www.rttnews.com/3221366/williams-sonoma-gains-on-upbeat-earnings-higher-dividend-share-buyback.aspx)

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2021 RTTNews.com All Rights Reserved