WSM - Why Williams-Sonoma Stock Popped in Early Trading on Wednesday
2024-05-22 12:12:00 ET
Shares of home-goods retailer Williams-Sonoma (NYSE: WSM) jumped in early trading on Wednesday after the company reported results for its fiscal first quarter of 2024. As of 11:15 a.m. ET today, the stock was actually down almost 3% after being up as much as 11% shortly after the opening bell.
In the first quarter (which ended in April), Williams-Sonoma generated net revenue of almost $1.7 billion, which was down 5% year over year. On the bottom line, the company had diluted earnings per share (EPS) of $4.07, which blew past expectations by a mile. But there's an asterisk with this number.
In past years, management overestimated some expenses. Realizing the mistake, it's correcting that, which provided a one-time boost to this quarter's profit from an accounting perspective.
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Why Williams-Sonoma Stock Popped in Early Trading on Wednesday