Williams-Sonoma Q2 Comps +6.2%, Raises FY26 Guidance on Tariff Refund Boost
WSM sits 44% above its 52-week low of $165.51.
Summary
Williams-Sonoma reported Q2 comps up 6.2%, raised full-year guidance, and recognized a $167.8M tariff refund that boosted GAAP results. Non-GAAP EPS of $2.10 grew 5% year-over-year.
Key Events · Earnings and Guidance · WSM
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Q2 Comps +6.2%, Revenue +6.7%
Comparable brand revenue rose 6.2% with total revenue up 6.7% to $1.96B. Every brand grew, led by Williams Sonoma at +7.6% and West Elm at +6.4%.
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FY26 Guidance Raised
Company now expects net revenues +4.7% to +7.2%, comps +4.0% to +6.5%, and non-GAAP operating margin of 17.8% to 18.2%, up from prior outlook.
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Tariff Refund Boosts GAAP Results
Recognized $167.8M reduction of COGS from IEEPA tariff refunds plus $6.3M interest income, partially offset by $47.5M vendor concessions and $10.0M employee 401(k) contribution. GAAP EPS of $2.84 vs non-GAAP $2.10.
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Non-GAAP EPS +5% YoY
Non-GAAP diluted EPS of $2.10 grew 5.0% year-over-year, with non-GAAP operating margin of 17.3% down 60bps from last year.
Analysis · WSM · Trade & Services
A strong second quarter for Williams-Sonoma saw comparable brand revenue climb 6.2%, prompting a full-year outlook raise on both top and bottom lines. The headline GAAP numbers are inflated by a one-time $167.8 million IEEPA tariff refund, yet even on a non-GAAP basis the company grew EPS 5% year-over-year and lifted guidance. The tariff refund is largely a balance-sheet event — cash already collected — while the underlying business shows accelerating comps across every brand despite a weak housing market.
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At the time of this filing, WSM was trading at $239.00 on NYSE in the Trade & Services sector, with a market capitalization of approximately $27.6B. The 52-week trading range was $165.51 to $254.89. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.