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Williams-Sonoma, Inc.$97.66($.92)(.93%)

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 Williams-Sonoma, Inc. announces strong fourth quarter and fiscal year 2019 results
   Wednesday, March 18, 2020 4:15:00 PM ET

Q4 comparable brand revenue growth accelerates to 7.6%
Q4 GAAP diluted EPS of $2.10; Q4 Non-GAAP diluted EPS of $2.13
FY19 comparable brand revenue growth accelerates to 6.0% with operating margin expansion

SAN FRANCISCO--(BUSINESS WIRE)--Williams-Sonoma, Inc. (NYSE: WSM) today announced operating results for the fourth fiscal quarter (“Q4 19”) and fiscal year 2019 (“FY 19”) ended February 2, 2020 versus the fourth fiscal quarter (“Q4 18”) and fiscal year 2018 (“FY 18”) ended February 3, 2019. Q4 19 included 13 weeks versus 14 weeks in Q4 18. FY 19 included 52 weeks versus 53 weeks in FY 18.



Laura Alber, President and Chief Executive Officer, commented, “2019 was an outstanding year for our company. We delivered a strong holiday season, outpacing the industry with comparable brand revenue growth of 7.6% in the fourth quarter. West Elm outperformed with a comp of 13.9%, the Pottery Barn brands’ resurgence continued with a combined comp of 7.1%, and the Williams Sonoma brand returned to growth with a comp of 3.3%. The drivers of our outperformance include an expanded, more relevant product assortment, new customer acquisition and further innovations in our customer experience across e-commerce, stores and the supply chain. Our cross-brand initiatives business to business, The Key and in-home Design Crew also continued to scale and become more impactful accelerators of our growth. For the full year, we achieved our goal of maximizing growth and maintaining high profitability with topline and non-GAAP EPS growth at the high-end or above expectations and operating margin expansion. It is clear from these results that our continued evolution and innovation are setting us apart from the competition. This culture is woven into our design-driven products, our digital-first model, and in our commitment to sustainability leadership. And together with our strong growth initiatives, we have a winning combination.”

Alber continued, “Looking ahead to 2020, it is hard not to acknowledge the devastating impact that the coronavirus outbreak is having on communities around the world. Our thoughts are with all of the people affected and our top priority is the safety and well-being of our associates, our customers and our business partners. And, we are taking action to prepare and adapt our business in this time of uncertainty. We would like to thank our people for all their hard work and for their continued commitment to serving our customers as we navigate this challenging time together.”

FOURTH QUARTER 2019

  • Comparable brand revenue growth accelerates to 7.6%, with positive comparable revenue growth in all brands, including West Elm at 13.9%, Pottery Barn at 6.7%, Pottery Barn Kids and Teen at 7.9% and Williams Sonoma at 3.3%
  • Gross margin of 37.6%, which includes the impact of reduced year-over-year occupancy leverage of approximately 60bps as a result of the 53rd week in FY 18
  • Occupancy costs were $181 million, relatively flat to last year
  • Strong SG&A leverage of approximately 80bps across employment and advertising
  • GAAP operating margin of 11.0%; non-GAAP operating margin of 11.6%
  • GAAP diluted EPS of $2.10; non-GAAP diluted EPS of $2.13

FISCAL YEAR 2019

  • Operating margins expand over FY18
  • Robust operating cash flow of over $600 million
  • Strong returns to shareholders of nearly $300 million split between dividends and share repurchases

FY18 results included a 53rd week, which we estimated last year added approximately $85 million in net revenues and $0.10 per diluted share to the fourth quarter and the year.

GUIDANCE

In light of the recent proliferation of the coronavirus and the increasing uncertainty in the current operating environment, the Company is temporarily suspending the provision of Fiscal Year 2020 guidance.

Long-Term Financial Targets

  • Total Net Revenues growth of mid to high single digits
  • Non-GAAP Operating Income growth in line with revenue growth, driving Operating Margin stability
  • Above-industry average ROIC

CONFERENCE CALL AND WEBCAST INFORMATION

Williams-Sonoma, Inc. will host a live conference call today, March 18, 2020, at 2:00 P.M. (PT). The call, hosted by Laura Alber, President and Chief Executive Officer, will be open to the general public via live webcast and can be accessed at http://ir.williams-sonomainc.com/events . A replay of the webcast will be available at http://ir.williams-sonomainc.com/events .

SEC REGULATION G NON-GAAP INFORMATION

This press release includes non-GAAP financial measures. Exhibit 1 provides reconciliations of these non-GAAP financial measures to the most comparable financial measures calculated and presented in accordance with accounting principles generally accepted in the U.S. (“GAAP”). We have not provided a reconciliation of non-GAAP guidance measures to the corresponding GAAP measures on a forward-looking basis due to the potential variability and limited visibility of excluded items; these excluded items include expenses related to the acquisition and operations of Outward, Inc.,employment-related expense, tax legislation, a deferred tax true-up, impact of equity accounting rules, and impairment and early termination charges. We believe that these non-GAAP financial measures, when reviewed in conjunction with GAAP financial measures, can provide meaningful supplemental information for investors regarding the performance of our business and facilitate a meaningful evaluation of current period performance on a comparable basis with prior periods. Our management uses these non-GAAP financial measures in order to have comparable financial results to analyze changes in our underlying business from quarter to quarter. In addition, certain other items may be excluded from non-GAAP financial measures when the company believes this provides greater clarity to management and investors. These non-GAAP financial measures should be considered as a supplement to, and not as a substitute for or superior to the GAAP financial measures presented in this press release and our financial statements and other publicly filed reports. Non-GAAP measures as presented herein may not be comparable to similarly titled measures used by other companies.

FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements that involve risks and uncertainties, as well as assumptions that, if they do not fully materialize or are proven incorrect, could cause our results to differ materially from those expressed or implied by such forward-looking statements. Such forward-looking statements include statements relating to: our ability to capture significant opportunities in the home furnishings industry; increase our market share; our ability to continue to improve performance; our focus on operational excellence; our ability to improve customers’ experience; our optimism about the future; our ability to maximize growth and maintain high profitability; our long-term financial targets; our stock repurchase program and dividend expectations; and our proposed store openings and closures.

The risks and uncertainties that could cause our results to differ materially from those expressed or implied by such forward-looking statements include: continuing changes in general economic conditions, and the impact on consumer confidence and consumer spending; the impact of the coronavirus on our global supply chain, retail store operations and customer demand, new interpretations of or changes to current accounting rules; our ability to anticipate consumer preferences and buying trends; dependence on timely introduction and customer acceptance of our merchandise; changes in consumer spending based on weather, political, competitive and other conditions beyond our control; delays in store openings; competition from companies with concepts or products similar to ours; timely and effective sourcing of merchandise from our foreign and domestic vendors and delivery of merchandise through our supply chain to our stores and customers; effective inventory management; our ability to manage customer returns; successful catalog management, including timing, sizing and merchandising; uncertainties in e-marketing, infrastructure and regulation; multi-channel and multi-brand complexities; our ability to introduce new brands and brand extensions; challenges associated with our increasing global presence; dependence on external funding sources for operating capital; disruptions in the financial markets; our ability to control employment, occupancy and other operating costs; our ability to improve our systems and processes; changes to our information technology infrastructure; general political, economic and market conditions and events, including war, conflict or acts of terrorism; the impact of current and potential future tariffs and our ability to mitigate impacts; and other risks and uncertainties described more fully in our public announcements, reports to stockholders and other documents filed with or furnished to the SEC, including our Annual Report on Form 10-K for the fiscal year ended February 3, 2019 and all subsequent quarterly reports on Form 10-Q and current reports on Form 8-K. We have not filed our Form 10-K for the year ended February 2, 2020. As a result all financial results described here should be considered preliminary, and are subject to change to reflect any necessary adjustments or changes in accounting estimates that are identified prior to the time we file the Form 10-K. All forward-looking statements in this press release are based on information available to us as of the date hereof, and we assume no obligation to update these forward-looking statements.

ABOUT WILLIAMS-SONOMA, INC.

Williams-Sonoma, Inc. is a specialty retailer of high-quality products for the home. These products, representing distinct merchandise strategies — Williams Sonoma, Pottery Barn, Pottery Barn Kids, West Elm, Pottery Barn Teen, Williams Sonoma Home, Rejuvenation, and Mark and Graham — are marketed through e-commerce websites, direct-mail catalogs and retail stores. These brands are also part of The Key Rewards, our free-to-join loyalty program that offers members exclusive benefits across the Williams-Sonoma family of brands. We operate in the U.S., Puerto Rico, Canada, Australia and the United Kingdom, offer international shipping to customers worldwide, and have unaffiliated franchisees that operate stores in the Middle East, the Philippines, Mexico and South Korea, as well as e-commerce websites in certain locations. In 2017, we acquired Outward, Inc., a 3-D imaging and augmented reality platform for the home furnishings and décor industry.

WSM-IR

Condensed Consolidated Statements of Earnings (unaudited)

 

Thirteen Weeks Ended

 

Fourteen Weeks Ended

February 2, 2020

February 3, 2019

% of Revenues

% of Revenues

In thousands, except per share amounts

$

 

$

Net revenues

1,843,590

100%

1,836,436

100%

Cost of goods sold

1,150,862

62.4%

1,126,513

61.3%

Gross profit

692,728

37.6%

709,923

38.7%

Selling, general and administrative expenses

489,042

26.5%

509,070

27.7%

Operating income

203,686

11.0%

200,853

10.9%

Interest expense, net

1,367

0.1%

1,633

0.1%

Earnings before income taxes

202,319

11.0%

199,220

10.8%

Income taxes

36,274

2.0%

43,882

2.4%

Net earnings

$ 166,045

9.0%

$ 155,338

8.5%

Earnings per share (EPS):

Basic

$2.15

$1.95

Diluted

$2.10

 

$1.93

 

Shares used in calculation of EPS:

Basic

77,364

79,610

Diluted

78,912

 

 

80,681

 

4th Quarter Net Revenues and Comparable Brand Revenue Growth (Decline) by Concept*

 

Net Revenues
(Millions)

Comparable Brand Revenue Growth (Decline)

 

Q4 19

Q4 18

Q4 19

Q4 18

Pottery Barn

$ 640

$ 647

6.7%

(0.4%)

West Elm

409

379

13.9%

11.1%

Williams Sonoma

441

456

3.3%

0.1%

Pottery Barn Kids and Teen

276

274

7.9%

1.6%

Other

78

80

N/A

N/A

Total

$ 1,844

$ 1,836

7.6%

2.4%

*See the Company’s 10-K and 10-Q filings for the definition of comparable brand revenue, which is calculated on a 13-week to 13-week basis for Q4 2019, and on a 14-week to 14-week basis for Q4 2018.

Condensed Consolidated Statements of Earnings (unaudited)

 

Fifty-Two Weeks Ended

 

Fifty-Three Weeks Ended

February 2, 2020

February 3, 2019

% of Revenues

% of Revenues

In thousands, except per share amounts

$

 

$

Net revenues

5,898,008

100%

5,671,593

100%

Cost of goods sold

3,758,916

63.7%

3,570,580

63.0%

Gross profit

2,139,092

36.3%

2,101,013

37.0%

Selling, general and administrative expenses

1,673,218

28.4%

1,665,060

29.4%

Operating income

465,874

7.9%

435,953

7.7%

Interest expense, net

8,853

0.2%

6,706

0.1%

Earnings before income taxes

457,021

7.7%

429,247

7.6%

Income taxes

100,959

1.7%

95,563

1.7%

Net earnings

$ 356,062

6.0%

$ 333,684

5.9%

Earnings per share (EPS):

Basic

$4.56

$4.10

Diluted

$4.49

 

 

$4.05

 

Shares used in calculation of EPS:

Basic

78,108

81,420

Diluted

79,225

 

 

82,340

 

Fiscal Year Net Revenues and Comparable Brand Revenue Growth (Decline) by Concept*

 

Net Revenues
(Millions)

Comparable Brand Revenue Growth

 

FY 19

FY 18

FY 19

FY 18

Pottery Barn

$ 2,214

$ 2,177

4.1%

1.2%

West Elm

1,467

1,293

14.4%

9.5%

Williams Sonoma

1,032

1,056

0.4%

1.7%

Pottery Barn Kids and Teen

909

896

4.5%

2.8%

Other

276

250

N/A

N/A

Total

$ 5,898

$ 5,672

6.0%

3.7%

*See the Company’s 10-K and 10-Q filings for the definition of comparable brand revenue, which is calculated on a 52-week to 52-week basis for fiscal 2019 and on a 53-week to 53-week basis for fiscal 2018.

Condensed Consolidated Balance Sheets (unaudited)

 

In thousands, except per share amounts

Feb. 2, 2020

Feb. 3, 2019

ASSETS

 

 

Current assets

 

 

Cash and cash equivalents

$

432,162

 

$

338,954

 

Accounts receivable, net

 

111,737

 

 

107,102

 

Merchandise inventories, net

 

1,100,544

 

 

1,124,992

 

Prepaid expenses

 

90,426

 

 

101,356

 

Other current assets

 

20,766

 

 

21,939

 

Total current assets

 

1,755,635

 

 

1,694,343

 

Property and equipment, net

 

929,038

 

 

929,635

 

Operating lease right-of-use assets

 

1,166,383

 

Deferred income taxes, net

 

47,977

 

 

44,055

 

Goodwill

 

85,343

 

 

85,382

 

Other long-term assets, net

 

69,666

 

 

59,429

 

Total assets

$

4,054,042

 

$

2,812,844

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

Current liabilities

 

 

Accounts payable

$

521,235

 

$

526,702

 

Accrued expenses

 

175,003

 

 

163,559

 

Gift card and other deferred revenue

 

289,613

 

 

290,445

 

Income taxes payable

 

22,501

 

 

21,461

 

Current debt

 

299,818

 

Operating lease liabilities

 

227,923

 

Other current liabilities

 

73,462

 

 

72,645

 

Total current liabilities

 

1,609,555

 

 

1,074,812

 

Deferred rent and lease incentives

 

27,659

 

 

201,374

 

Long-term debt

 

299,620

 

Long-term operating lease liabilities

 

1,094,579

 

Other long-term liabilities

 

86,389

 

 

81,324

 

Total liabilities

 

2,818,182

 

 

1,657,130

 

Stockholders’ equity

 

 

Preferred stock: $.01 par value; 7,500 shares authorized; none issued

Common stock: $.01 par value; 253,125 shares authorized; 77,137 and 78,813 shares issued and outstanding at February 2, 2020 and February 3, 2019, respectively

 

772

 

 

789

 

Additional paid-in capital

 

605,822

 

 

581,900

 

Retained earnings

 

644,794

 

 

584,333

 

Accumulated other comprehensive loss

 

(14,587

)

 

(11,073

)

Treasury stock, at cost

 

(941

)

 

(235

)

Total stockholders’ equity

 

1,235,860

 

 

1,155,714

 

Total liabilities and stockholders’ equity

$

4,054,042

 

$

2,812,844

 

Retail Store Data (unaudited)

 

November 3, 2019

Openings

Closings

February 2, 2020

February 3, 2019

Williams Sonoma

218

1

(8)

211

220

Pottery Barn

205

(4)

201

205

West Elm

114

4

118

112

Pottery Barn Kids

79

1

(6)

74

78

Rejuvenation

10

10

10

Total

626

6

(18)

614

625

Condensed Consolidated Statement of Cash Flows (unaudited)

 

In thousands

Fiscal 2019 (Fifty-Two Weeks)

Fiscal 2018 (Fifty-Three Weeks)

Cash flows from operating activities:

 

 

Net earnings

$ 356,062

$ 333,684

Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:

 

 

Depreciation and amortization

187,759

188,808

(Gain) loss on disposal/impairment of assets

1,755

10,209

Amortization of deferred lease incentives

(7,714)

(26,199)

Non-cash lease expense

215,810

-

Deferred income taxes

(2,557)

23,639

Stock-based compensation expense

64,163

59,802

Other

(26)

(579)

Changes in:

 

 

Accounts receivable

(5,034)

(15,329)

Merchandise inventories

24,219

(70,331)

Prepaid expenses and other assets

(3,189)

(54,691)

Accounts payable

(11,051)

62,377

Accrued expenses and other liabilities

13,259

45,976

Gift card and other deferred revenue

(640)

38,899

Deferred rent and lease incentives

-

24,929

Operating lease liabilities

(226,257)

-

Income taxes payable

735

(35,208)

Net cash provided by operating activities

607,294

585,986

Cash flows from investing activities:

 

 

Purchases of property and equipment

(186,276)

(190,102)

Other

728

2,203

Net cash used in investing activities

(185,548)

(187,899)

Cash flows from financing activities:

 

 

Payment of dividends

(150,640)

(140,325)

Repurchases of common stock

(148,834)

(295,304)

Borrowings under revolving line of credit

100,000

60,000

Repayments of borrowings under revolving line of credit

(100,000)

(60,000)

Tax withholdings related to stock-based awards

(27,752)

(14,437)

Net cash used in financing activities

(327,226)

(450,066)

Effect of exchange rates on cash and cash equivalents

(1,312)

797

Net increase (decrease) in cash and cash equivalents

93,208

(51,182)

Cash and cash equivalents at beginning of period

338,954

390,136

Cash and cash equivalents at end of period

$ 432,162

$ 338,954

Exhibit 1
GAAP to Non-GAAP Reconciliation (unaudited)
(Dollars in thousands, except per share data)
Thirteen Weeks EndedFourteen Weeks EndedFifty-Two Weeks EndedFifty-Three Weeks Ended
February 2, 2020February 3, 2019February 2, 2020February 3, 2019

$

% of revenues

$

% of revenues

$

% of revenues

$

% of revenues
Gross profit

$

 

692,728

 

37.6

%

$

 

709,923

 

38.7

%

$

 

2,139,092

 

36.3

%

$

 

2,101,013

 

37.0

%

Outward-related1

 

895

 

 

324

 

 

3,035

 

 

1,051

 

Employment-related expense2

 

-

 

 

-

 

 

30

 

 

-

 

Impairment and early termination charges3

 

-

 

 

767

 

 

-

 

 

1,676

 

Non-GAAP gross profit

$

 

693,623

 

37.6

%

$

 

711,014

 

38.7

%

$

 

2,142,157

 

36.3

%

$

 

2,103,740

 

37.1

%

 
Selling, general and administrative expenses

$

 

489,042

 

26.5

%

$

 

509,070

 

27.7

%

$

 

1,673,218

 

28.4

%

$

 

1,665,060

 

29.4

%

Outward-related1

 

(8,206

)

 

(6,918

)

 

(27,070

)

 

(24,110

)

Employment-related expense2

 

(624

)

 

(2,543

)

 

(8,366

)

 

(7,988

)

Tax legislation4

 

-

 

 

(269

)

 

-

 

 

(269

)

Impairment and early termination charges3

 

-

 

 

(5,995

)

 

-

 

 

(11,510

)

Non-GAAP selling, general and administrative expenses

$

 

480,212

 

26.1

%

$

 

493,345

 

26.9

%

$

 

1,637,782

 

27.8

%

$

 

1,621,183

 

28.6

%

$

% of revenues

$

% of revenues

$

% of revenues

$

% of revenues
Operating income

$

 

203,686

 

11.0

%

$

 

200,853

 

10.9

%

$

 

465,874

 

7.9

%

$

 

435,953

 

7.7

%

Outward-related1

 

9,101

 

 

7,242

 

 

30,105

 

 

25,161

 

Employment-related expense2

 

624

 

 

2,543

 

 

8,396

 

 

7,988

 

Tax legislation4

 

-

 

 

269

 

 

-

 

 

269

 

Impairment and early termination charges3

 

-

 

 

6,762

 

 

-

 

 

13,186

 

Non-GAAP operating income

$

 

213,411

 

11.6

%

$

 

217,669

 

11.9

%

$

 

504,375

 

8.6

%

$

 

482,557

 

8.5

%

$

Tax rate

$

Tax rate

$

Tax rate

$

Tax rate
Income taxes

$

 

36,274

 

17.9

%

$

 

43,882

 

22.0

%

$

 

100,959

 

22.1

%

$

 

95,563

 

22.3

%

Outward-related1

 

1,484

 

 

846

 

 

5,959

 

 

4,668

 

Employment-related expense2

 

(200

)

 

584

 

 

(502

)

 

1,933

 

Tax legislation4

 

(64

)

 

(254

)

 

(162

)

 

4,124

 

Deferred tax liability adjustment5

 

6,046

 

 

-

 

 

6,046

 

 

-

 

Impact of equity accounting rules6

 

-

 

 

-

 

 

-

 

 

(1,146

)

Impairment and early termination charges3

 

-

 

 

1,588

 

 

-

 

 

3,180

 

Non-GAAP income taxes

$

 

43,540

 

20.5

%

$

 

46,646

 

21.6

%

$

 

112,300

 

22.7

%

$

 

108,322

 

22.8

%

 
Diluted EPS

$

 

2.10

 

$

 

1.93

 

$

 

4.49

 

$

 

4.05

 

Outward-related1

 

0.10

 

 

0.08

 

 

0.30

 

 

0.25

 

Employment-related expense2

 

0.01

 

 

0.02

 

 

0.11

 

 

0.07

 

Tax legislation4

 

-

 

 

0.01

 

 

-

 

 

(0.05

)

Deferred tax liability adjustment5

 

(0.08

)

 

-

 

 

(0.08

)

 

-

 

Impact of equity accounting rules6

 

-

 

 

-

 

 

-

 

 

0.01

 

Impairment and early termination charges3

 

-

 

 

0.06

 

 

-

 

 

0.12

 

Non-GAAP Diluted EPS*

$

 

2.13

 

$

 

2.10

 

$

 

4.84

 

$

 

4.46

 

* Per share amounts may not sum due to rounding to the nearest cent per diluted share

SEC Regulation G – Non-GAAP Information

These tables include non-GAAP gross profit, gross margin, selling, general and administrative expense, operating income, operating margin, income taxes, effective tax rate and diluted EPS. We believe that these non-GAAP financial measures provide meaningful supplemental information for investors regarding the performance of our business and facilitate a meaningful evaluation of our quarterly actual results on a comparable basis with prior periods. Our management uses these non-GAAP financial measures in order to have comparable financial results to analyze changes in our underlying business from quarter to quarter. These non-GAAP financial measures should be considered as a supplement to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP.

Notes to Exhibit 1:

  1. During Q4 and fiscal 2019, we incurred approximately $9.1 million and $30.1 million, respectively, of expense, for acquisition-related compensation expense and amortization of intangible assets, as well as the operations of Outward, Inc. During Q4 and fiscal 2018, we incurred approximately $7.2 million and $25.2 million, respectively, of expense.
  2. During Q4 and fiscal 2019, we incurred approximately $0.6 million and $8.4 million, respectively, of employment-related expense. During Q4 and fiscal 2018, we incurred approximately $2.5 million and $8.0 million, respectively, of employment-related expense.
  3. During Q4 and fiscal 2018, we incurred approximately $6.8 million and $13.2 million, respectively, of expense, primarily associated with impairment and early lease termination charges.
  4. During Q4 and fiscal 2019, we recorded income tax expense of approximately $0.1 million and $0.2 million, respectively, associated with tax legislation changes. During Q4 and fiscal 2018, we recorded income tax expense of approximately $0.3 million and a net income tax benefit of $4.1 million, associated with tax legislation changes.
  5. During Q4 fiscal 2019, we recorded an approximate $6.0 million tax benefit resulting from a non-recurring adjustment to a deferred tax liability.
  6. During Q1 18, we recorded income tax expense of approximately $1.1 million associated with the adoption of accounting rules related to stock-based compensation.

Return on Invested Capital (“ROIC”)

We believe ROIC is a useful financial measure for investors in evaluating the efficient and effective use of capital, and is an important component of long-term shareholder return. We define ROIC as non-GAAP net operating profit after tax (NOPAT), divided by our average invested capital. NOPAT is defined as non-GAAP operating income, plus rent expense, less estimated taxes at the company’s effective tax rate. Average invested capital is defined as the two-year average of total assets less current liabilities, plus capitalized leases, less cash in excess of $200 million.

ROIC is not a measure of financial performance under GAAP, and should be considered in addition to, and not as a substitute for other financial measures prepared in accordance with GAAP. Our method of determining ROIC may differ from other companies’ methods and therefore may not be comparable.

Julie Whalen EVP, Chief Financial Officer – (415) 616 8524
Elise Wang VP, Investor Relations – (415) 616 8571

Source: Williams-Sonoma, Inc.



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