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Williams-Sonoma, Inc.$48.06($.61)(1.25%)

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 Williams-Sonoma, Inc. announces fourth quarter and fiscal year 2014 results
   Wednesday, March 18, 2015 4:10:00 PM ET

Williams-Sonoma, Inc. (WSM ) today announced operating results for the fourth fiscal quarter of 2014 ("Q4 14") and fiscal year 2014 ("FY 14") ended February 1, 2015 versus the fourth fiscal quarter of 2013 ("Q4 13") and fiscal year 2013 ("FY 13") ended February 2, 2014.

4th QUARTER 2014 RESULTS

            -  Q4 14 net revenues grew 5.2% to $1.542 billion versus $1.466 billion
                                                                                                                                              in Q4 13 with comparable brand revenue growth of 5.1%.
                                                                                                                                              
                                                                                                                              -  Q4 14 operating margin increased to 15.4% versus 14.8% in Q4 13.
                                                                                                                                              Excluding unusual business events, Q4 14 non-GAAP operating margin
                                                                                                                                              was 14.9%. (See Exhibit 1 for a reconciliation of GAAP to non-GAAP
                                                                                                                                              operating margin).
                                                                                                                                              
                                                                                                                              -  Q4 14 diluted earnings per share ("EPS") grew 13.8% to $1.57 from
                                                                                                                                              $1.38 in Q4 13. Excluding unusual business events, Q4 14 non-GAAP
                                                                                                                                              EPS increased 10.1% to $1.52. (See Exhibit 1 for a reconciliation of
                                                                                                                                              GAAP to non-GAAP EPS).
                                                                                                                                              


FISCAL YEAR 2014 RESULTS

            -  FY 14 net revenues grew 7.1% to $4.699 billion versus $4.388 billion
                                                                                                                                              in FY 13 with comparable brand revenue growth of 7.1%.
                                                                                                                                              
                                                                                                                              -  FY 14 operating margin increased to 10.7% versus 10.3% in FY 13.
                                                                                                                                              Excluding unusual business events, FY 14 non-GAAP operating margin
                                                                                                                                              increased to 10.5% versus 10.4% in FY 13. (See Exhibit 1).
                                                                                                                                              
                                                                                                                              -  FY 14 EPS grew 14.9% to $3.24 from $2.82 in FY 13. Excluding unusual
                                                                                                                                              business events, FY 14 non-GAAP EPS grew 12.7% to $3.20 from $2.84
                                                                                                                                              in FY 13. (See Exhibit 1).
                                                                                                                                              
                                                                                                                              -  Cash returned to stockholders in FY 14 totaled $350 million,
                                                                                                                                              comprising $224 million in stock repurchases and $126 million in
                                                                                                                                              dividends.
                                                                                                                                              

Laura Alber, President and Chief Executive Officer, commented, "Our powerful brands and the competitive advantage provided by our multi-channel platform and entrepreneurial culture delivered another year of strong returns for our shareholders. In 2014, we experienced growth in all of our brands and across our channels. Our highly profitable e-commerce business represented more than 50% of our revenues in 2014, a significant milestone for Williams-Sonoma, Inc., as we capitalize on our position at the intersection of retail and technology. We are very pleased with our fourth quarter results despite the effects of the west coast port disruption. Unfortunately, we expect this disruption to continue and to have a more significant impact through the first half of 2015."

Alber concluded, "We have driven consistent profitable growth through innovation, operational excellence and our customer-centered approach, along with exceptional financial discipline. We believe there is a significant opportunity to expand our reach domestically and globally. Our long-term outlook is strong and we are focused on execution."

4th QUARTER 2014 RESULTS

Net revenues increased to $1.542 billion in Q4 14 from $1.466 billion in Q4 13.

Comparable brand revenue growth in Q4 14 increased 5.1% on top of 10.4% in Q4 13 as shown in the table below:

 
-------------------------------------------------------------------------------------------------------------------
                                       4th Quarter Comparable Brand Revenue
                                                Growth by Concept*
 
-------------------------------------------------------------------------------------------------------------------
    Q4 14    Q4 13 
-------------------- -------------------- ------------------------- -------------------- -------------------------
Pottery Barn                                2.9%                       14.6%
Williams-Sonoma                                                2.8%                                           2.3%
West Elm                                                      19.6%                                          18.3%
Pottery Barn Kids                                              2.7%                                          11.2%
PBteen                                      3.0%                        9.6%
-------------------- -------------------- ------------------------- -------------------- -------------------------
Total                                       5.1%                       10.4%
==================== ==================== ========================= ==================== =========================
* See the Company’s 10-K and 10-Q filings for the definition of
comparable brand revenue growth.
 

E-commerce net revenues in Q4 14 increased 9.0% to $770 million from $706 million in Q4 13. E-commerce net revenues generated 50% of total company net revenues in Q4 14, compared to 48% in Q4 13.

Retail net revenues in Q4 14 increased 1.6% to $772 million from $760 million in Q4 13.

Operating margin in Q4 14 increased to 15.4% compared to 14.8% in Q4 13. Excluding unusual business events, non-GAAP operating margin was 14.9% in Q4 14 versus 14.8% in Q4 13:

            -  Gross margin was 40.1% versus 40.6% in Q4 13.
                                                                                                                                              
                                                                                                                              -  Selling, general and administrative ("SG&A") expenses were $381
                                                                                                                                              million, or 24.7% of net revenues, versus $378 million, or 25.8% of
                                                                                                                                              net revenues, in Q4 13. Excluding unusual business events, non-GAAP
                                                                                                                                              SG&A expenses were $388 million, or 25.2% of net revenues, in Q4 14.
                                                                                                                                              

EPS in Q4 14 increased 13.8% to $1.57 from $1.38 in Q4 13. Excluding unusual business events, non-GAAP EPS increased 10.1% to $1.52.

FISCAL YEAR 2014 RESULTS

Net revenues increased to $4.699 billion in FY 14 from $4.388 billion in FY 13.

Comparable brand revenue growth in FY 14 increased 7.1% on top of 8.8% in FY 13 as shown in the table below:

                                                               
-------------------- -------------------- ----------------------------------------------------------------------------------------------- -------------------------------------------
                                                           Fiscal Year Net Revenues and Comparable Brand Revenue Growth by
                                                                                      Concept*
                                                                                                   
                              Net Revenues (Millions)                                         Comparable Brand
                                                                                                                                                        Revenue Growth
-------------------- -------------------- ------------------------------------------------------------------------   -------------------- ----------------------------------------
                         FY 14                        FY 13        FY 14        FY 13
-------------------- -------------------- -------------------------- -------------------- -------------------------- -------------------- ---------- -------------------- ----------
Pottery Barn                              $ 2,022   $ 1,911                            5.8%        10.4%
Williams-Sonoma                                                  995                                             978                            3.8%                            1.5%
West Elm                                                         669                                             531                           18.2%                           17.4%
Pottery Barn Kids                                                625                                             598                            5.9%                            7.8%
PBteen                                                           261                                             246                            5.7%                           14.1%
Other                                         127                          124          N/A          N/A
-------------------- -------------------- -------------------------- -------------------- -------------------------- -------------------- ---------- -------------------- ----------
Total                  $ 4,699   $ 4,388         7.1%         8.8%
==================== ==================== ========================== ==================== ========================== ==================== ========== ==================== ==========
* See the company’s 10-K and 10-Q filings for the definition of
comparable brand revenue growth.
 

E-commerce net revenues in FY 14 increased 12.1% to $2.371 billion versus $2.115 billion in FY 13. E-commerce net revenues generated more than 50% of total company net revenues in FY 14 versus 48% in FY 13.

Retail net revenues in FY 14 increased 2.4% to $2.328 billion versus $2.273 billion in FY 13.

Operating margin in FY 14 was 10.7% versus 10.3% in FY 13. Excluding unusual business events, non-GAAP operating margin in FY 14 was 10.5% versus 10.4% in FY 13.

            -  Gross margin was 38.3% versus 38.8% in FY 13.
                                                                                                                                              
                                                                                                                              -  SG&A expenses were $1.298 billion, or 27.6% of net revenues, versus
                                                                                                                                              $1.252 billion, or 28.5% of net revenues, in FY 13. Excluding
                                                                                                                                              unusual business events, non-GAAP SG&A expenses were $1.306 billion,
                                                                                                                                              or 27.8% of net revenues, versus $1.249 billion, or 28.5% of net
                                                                                                                                              revenues, in FY 13.
                                                                                                                                              

The effective income tax rate in FY 14 was 38.5% versus 38.4% in FY 13.

EPS in FY 14 increased 14.9% to $3.24 from $2.82 in FY 13. Excluding unusual business events, non-GAAP EPS in FY 14 increased 12.7% to $3.20 from $2.84 in FY 13.

Merchandise inventories at the end of FY 14 increased 9.2% to $888 million from $813 million at the end of FY 13. Inventory on-hand and available-for-sale grew 3.0% year-over-year. The Pottery Barn portfolio of brands had the lowest levels of inventory on-hand growth. In Pottery Barn, the largest brand, inventory on-hand and available-for-sale was 8.8% lower year-over-year at the end of FY 14.

STOCK REPURCHASE PROGRAM AND DIVIDEND INCREASE

During Q4 14, we repurchased approximately 396,000 shares of common stock for a total of 3.3 million shares or $224 million in FY 14. As of February 1, 2015, $287 million remained under the three-year $750 million stock repurchase program announced in March 2013.

As announced in a separate release today, our Board of Directors has authorized a 6% increase in our quarterly cash dividend to $0.35 per common share.

FISCAL YEAR 2015 FINANCIAL GUIDANCE

The impact of the west coast port slowdown is anticipated to be a $30 to $40 million reduction in net revenues and a $0.10 to $0.12 reduction in EPS in fiscal year 2015, which predominantly affects the first quarter guidance.

 
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                                                     1st Quarter 2015 Guidance Financial
                                                                                                                                                                                                                                     Highlights
                                                                                                                                                                                                                                     (Includes impact of the west coast port slowdown)
                                                                           
Total Net Revenues (millions)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    $990 - $1,010
Comparable Brand Revenue Growth                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                2% - 4%
Diluted EPS                                                                                               $0.40 - $0.45
------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------------------------------------------------------------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
 
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                         Fiscal Year 2015 Guidance Financial Highlights
                                                                                                                                                                                                        (Includes impact of the west coast port slowdown)
                                                                            
Total Net Revenues (millions)                                                                                                                                                                                                                                                                                                                                                                                                      $4,950 - $5,020
Comparable Brand Revenue Growth                                                                                                                                                                                                                                                                                                                                                                                                        4% - 6%
Operating Margin                                                                                                                                                                                                                                                                                                                                                                                                                    10.2% - 10.5%
Diluted EPS                                                                                                                                                                                                                                                                                                                                                                                                                         $3.35 - $3.45
Income Tax Rate                                                                                                                                                                                                                                                                                                                                                                                                                     38.3% - 38.8%
Capital Spending (millions)                                                                                                                                                                                                                                                                                                                                                                                                          $200 - $220
Depreciation and Amortization (millions)                                       $170 - $180
---------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- ----------------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                    
 
-----------------------------------------------------------------------------------------------------------------------------------------------------
                                                Store Opening and Closing Guidance by Retail Concept*
                                                      
                                         FY 2014 ACT                                                     FY 2015 GUID
-----------------------------------------------------                     ---------------------------------------------------------------------------
         Total                             New        Close          End
-------------------- -------------------- ----------                      ---------- -------------------- ---------- -------------------- ----------
Williams-Sonoma               243                               2         (10)          235
Pottery Barn                                     199                               2                             (6)                             195
Pottery Barn Kids                                 85                               5                             (4)                              86
West Elm                                          69                              19                               -                              88
Rejuvenation                    5                               1            -            6
-------------------- -------------------- ----------                      ---------- -------------------- ---------- -------------------- ----------
Total                         601                              29         (20)          610
==================== ==================== ==========                      ========== ==================== ========== ==================== ==========
* Included in the FY 14 store count are 13 stores in Australia and
one
  store in the UK. FY 15 guidance includes six additional
Australian stores.
 

CONFERENCE CALL AND WEBCAST INFORMATION

Williams-Sonoma, Inc. will host a live conference call today, March 18, 2015, at 2:00 PM (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 www.williams-sonomainc.com/webcast. A replay of the webcast will be available at www.williams-sonomainc.com/webcast.

SEC REGULATION G -- NON-GAAP INFORMATION

This press release includes non-GAAP SG&A, operating income, operating margin and diluted EPS. These non-GAAP financial measures exclude the impact of employee separation charges in FY 13 and a litigation settlement received in FY 14. We have reconciled these non-GAAP financial measures with the most directly comparable GAAP financial measures in the text of this release and in Exhibit 1. 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 and FY 14 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 measures should be considered as a supplement to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP.

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: the strength of our brands; our competitive advantage and position; the impact of the west coast port disruption on our business; our opportunity to expand our reach; our long-term outlook; our future financial guidance, including first quarter 2015 and fiscal year 2015 guidance; our three-year stock repurchase program; 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: accounting adjustments as we close our books for Q4 14 and as audited year-end financial statements are prepared; continuing changes in general economic conditions, and the impact on consumer confidence and consumer spending; 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; 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 2, 2014, and all subsequent quarterly reports on Form 10-Q and current reports on Form 8-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 eight distinct merchandise strategies - Williams-Sonoma, Pottery Barn, Pottery Barn Kids, West Elm, PBteen, Williams-Sonoma Home, Rejuvenation, and Mark and Graham - are marketed through e-commerce websites, direct mail catalogs and 601 stores. Williams-Sonoma, Inc. currently operates in the United States, Canada, Australia and the United Kingdom, offers international shipping to customers worldwide, and has unaffiliated franchisees that operate stores in the Middle East and the Philippines.

                                              
                                                                                                                                                             Williams-Sonoma, Inc.
                                                                                                                                           Condensed Consolidated Statements of Earnings (unaudited)
                                                                                                                                          Thirteen weeks ended February 1, 2015 and February 2, 2014
                                                                                                                                          (Dollars and shares in thousands, except per share amounts)
                                                                   
                                                                                                                                                                                                   4th Quarter
                                                                                                                  2014                                                                                                        2013
                                                                  ----------------------------------------------------------------------------------------------------                                                               ---------------------------------------------------------------------------------------------------------
                                                                                            $                                                 % of                                                                                          $                                                      % of
                                                                                                                                                             Revenues                                                                                                                                                                Revenues
                                                                  -------------------------------------------------   -------------------- -------------------------                                                                 -------------------------------------------------   -------------------- ------------------------------
E-commerce* net revenues                                                             $   769,840                         49.9 %                                                                                                      $   706,407                              48.2 %
Retail net revenues                                                   772,285      50.1                                                                      759,917           51.8  
                                                                  -------------------- --------- -------------------- -------------------- ----- --------------------                                                                -------------------- --------- -------------------- -------------------- ---------- --------------------
Net revenues                                                                           1,542,125                                           100.0                                                                                                          1,466,324                                                100.0
                                                                                                                                                                                                                                                                                                               
Cost of goods sold                                                    923,534      59.9                                                                      870,605           59.4  
                                                                  -------------------- --------- -------------------- -------------------- ----- --------------------                                                                -------------------- --------- -------------------- -------------------- ---------- --------------------
Gross profit                                                                             618,591                                            40.1                                                                                                            595,719                                                 40.6
                                                                                                                                                                                                                                                                                                               
Selling, general and administrative expenses                          380,708      24.7                                                                      377,984           25.8  
                                                                  -------------------- --------- -------------------- -------------------- ----- --------------------                                                                -------------------- --------- -------------------- -------------------- ---------- --------------------
Operating income                                                                         237,883                                            15.4                                                                                                            217,735                                                 14.8
                                                                                                                                                                                                                                                                                                               
Interest (income) expense, net                                            (26 )                          -                                                                         (168 )                               -  
                                                                  -------------------- --------- -------------------- -------------------- ----- --------------------                                                                -------------------- --------- -------------------- -------------------- ---------- --------------------
Earnings before income taxes                                                             237,909                                            15.4                                                                                                            217,903                                                 14.9
                                                                                                                                                                                                                                                                                                               
Income taxes                                                           90,872       5.9                                                                       84,105            5.7  
                                                                  -------------------- --------- -------------------- -------------------- ----- --------------------                                                                -------------------- --------- -------------------- -------------------- ---------- --------------------
Net earnings                                                                         $   147,037       9.5 %                                                                                                      $   133,798            9.1 %
                                                                  ==================== ========= ==================== ==================== ===== ====================                                                                ==================== ========= ==================== ==================== ========== ====================
                                                                                                                                                                                                                                                                                                               
Earnings per share (EPS):
Basic                                                                                      $1.60                                                                                                                                                              $1.42
Diluted                                                                                    $1.57                                                                                                                                                              $1.38
                                                                                                                                                                                                                                                                                                               
Shares used in calculation of EPS:
Basic                                                                                     92,087                                                                                                                                                             94,271
Diluted                                                                                   93,641                                                                                                                                                             96,973
                                                                                                                                                                                                                                                                                                               
* Prior to Q3 14, we referred to the e-commerce channel as the
direct-to-customer channel.
 
                                                                                                                                                  Williams-Sonoma, Inc.
                                                                                                                                Condensed Consolidated Statements of Earnings (unaudited)
                                                                                                                               Fifty-two weeks ended February 1, 2015 and February 2, 2014
                                                                                                                               (Dollars and shares in thousands, except per share amounts)
                                              
                                                                                                                                                                                        Fiscal Year
                                                                                                       2014                                                                                              2013
                                                                  -------------------------------------------------------------------------------                                                               ---------------------------------------------------------------------------------------------------------
                                                                                 $                                       % of                                                                                          $                                                      % of
                                                                                                                                        Revenues                                                                                                                                                                Revenues
                                                                  -----------------------------  -------------------- -------------------------                                                                 -------------------------------------------------   -------------------- ------------------------------
E-commerce* net revenues                                                             $ 2,370,694    50.5 %                                                                                                      $ 2,115,022                              48.2 %
Retail net revenues                                                 2,328,025    49.5                                                                    2,272,867           51.8  
                                                                  -------------------- --------- -------------------- ----- --------------------                                                                -------------------- --------- -------------------- -------------------- ---------- --------------------
Net revenues                                                                           4,698,719                      100.0                                                                                                          4,387,889                                                100.0
                                                                                                                                                                                                                                                                                          
Cost of goods sold                                                  2,898,215    61.7                                                                    2,683,673           61.2  
                                                                  -------------------- --------- -------------------- ----- --------------------                                                                -------------------- --------- -------------------- -------------------- ---------- --------------------
Gross profit                                                                           1,800,504                       38.3                                                                                                          1,704,216                                                 38.8
                                                                                                                                                                                                                                                                                          
Selling, general and administrative expenses                        1,298,239    27.6                                                                    1,252,118           28.5  
                                                                  -------------------- --------- -------------------- ----- --------------------                                                                -------------------- --------- -------------------- -------------------- ---------- --------------------
Operating income                                                                         502,265                       10.7                                                                                                            452,098                                                 10.3
                                                                                                                                                                                                                                                                                          
Interest (income) expense, net                                             62       -                                                                         (584 )                               -  
                                                                  -------------------- --------- -------------------- ----- --------------------                                                                -------------------- --------- -------------------- -------------------- ---------- --------------------
Earnings before income taxes                                                             502,203                       10.7                                                                                                            452,682                                                 10.3
                                                                                                                                                                                                                                                                                          
Income taxes                                                          193,349     4.1                                                                      173,780            4.0  
                                                                  -------------------- --------- -------------------- ----- --------------------                                                                -------------------- --------- -------------------- -------------------- ---------- --------------------
Net earnings                                                                         $   308,854     6.6 %                                                                                                      $   278,902            6.4 %
                                                                  ==================== ========= ==================== ===== ====================                                                                ==================== ========= ==================== ==================== ========== ====================
                                                                                                                                                                                                                                                                                          
Earnings per share (EPS):
Basic                                                                                      $3.30                                                                                                                                         $2.89
Diluted                                                                                    $3.24                                                                                                                                         $2.82
                                                                                                                                                                                                                                                                                          
Shares used in calculation of EPS:
Basic                                                                                     93,634                                                                                                                                        96,669
Diluted                                                                                   95,200                                                                                                                                        98,765
                                                                                                                                                                                                                                                                                          
* Prior to Q3 14, we referred to the e-commerce channel as the
direct-to-customer channel.
                                                                                                                                                                                                                                                                                          
                                                                                                                                                        Williams-Sonoma, Inc.
                                                                                                                                          Condensed Consolidated Balance Sheets (unaudited)
                                                                                                                                     (Dollars and shares in thousands, except per share amounts)
                                                                                                                                             
                                                                                                                                                              ----------------------------------------------------                                                               ----------------------------------------------------
                                                                                                                                                                                                     Feb. 1, 2015                                                                                                       Feb. 2, 2014
                                                                                                                                                              ----------------------------------------------------                                                               ----------------------------------------------------
Assets
Current assets
   Cash and cash equivalents                                                                                                                                                     $   222,927                                                                                                        $   330,121
   Restricted cash                                                                                                                                                                         -                                                                                                             14,289
   Accounts receivable, net                                                                                                                                                           67,465                                                                                                             60,330
   Merchandise inventories, net                                                                                                                                                      887,701                                                                                                            813,160
   Prepaid catalog expenses                                                                                                                                                           33,942                                                                                                             33,556
   Prepaid expenses                                                                                                                                                                   36,265                                                                                                             35,309
   Deferred income taxes, net                                                                                                                                                        130,618                                                                                                            121,486
   Other assets                                                                                                                                                    13,005                                                                       10,852  
                                                                                                                                                              -------------------- --------- --------------------                                                                -------------------- --------- --------------------
Total current assets                                                                                                                                            1,391,923                                                                    1,419,103  
                                                                                                                                                              -------------------- --------- --------------------                                                                -------------------- --------- --------------------
                                                                                                                                                                                                                                                                                  
Property and equipment, net                                                                                                                                                          883,012                                                                                                            849,293
Non-current deferred income taxes, net                                                                                                                                                 4,265                                                                                                             13,824
Other assets, net                                                                                                                                                  51,077                                                                       54,514  
                                                                                                                                                              -------------------- --------- --------------------                                                                -------------------- --------- --------------------
Total assets                                                                                                                                                                     $ 2,330,277                                                                                     $ 2,336,734  
                                                                                                                                                              ==================== ========= ====================                                                                ==================== ========= ====================
                                                                                                                                                                                                                                                                                  
Liabilities and stockholders’ equity
Current liabilities
   Accounts payable                                                                                                                                                              $   397,037                                                                                                        $   404,791
   Accrued salaries, benefits and other                                                                                                                                              136,012                                                                                                            138,181
   Customer deposits                                                                                                                                                                 261,679                                                                                                            228,193
   Income taxes payable                                                                                                                                                               32,488                                                                                                             49,365
   Current portion of long-term debt                                                                                                                                                   1,968                                                                                                              1,785
   Other liabilities                                                                                                                                               46,764                                                                       38,781  
                                                                                                                                                              -------------------- --------- --------------------                                                                -------------------- --------- --------------------
Total current liabilities                                                                                                                                         875,948                                                                      861,096  
                                                                                                                                                              -------------------- --------- --------------------                                                                -------------------- --------- --------------------
                                                                                                                                                                                                                                                                                  
Deferred rent and lease incentives                                                                                                                                                   166,925                                                                                                            157,856
Long-term debt                                                                                                                                                                             -                                                                                                              1,968
Other long-term obligations                                                                                                                                        62,698                                                                       59,812  
                                                                                                                                                              -------------------- --------- --------------------                                                                -------------------- --------- --------------------
Total liabilities                                                                                                                                               1,105,571                                                                    1,080,732  
                                                                                                                                                              -------------------- --------- --------------------                                                                -------------------- --------- --------------------
                                                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                                                  
Stockholders’ equity
Preferred stock: $.01 par value; 7,500 shares authorized;                                                                                                                                  -                                                                                                                  -
  none issued
Common stock: $.01 par value; 253,125 shares authorized;                                                                                                                                 919                                                                                                                941
  91,891 and 94,049 shares issued and outstanding
  at February 1, 2015 and February 2, 2014, respectively
Additional paid-in capital                                                                                                                                                           527,261                                                                                                            522,595
Retained earnings                                                                                                                                                                    701,214                                                                                                            729,043
Accumulated other comprehensive income                                                                                                                                                (2,548 )                                                                                                            6,524
Treasury stock, at cost                                                                                                                                            (2,140 )                                                                                        (3,101 )
                                                                                                                                                              -------------------- --------- --------------------                                                                -------------------- --------- --------------------
Total stockholders’ equity                                                                                                           1,224,706                                                                    1,256,002  
                                                                                                                                                              -------------------- --------- --------------------                                                                -------------------- --------- --------------------
                                                                                                                                                                                                                                                               
                                                                                                                                                              ----------------------------------------------------                                                               ----------------------------------------------------
Total liabilities and stockholders’ equity                                                                                                                                       $ 2,330,277                                                                                     $ 2,336,734  
                                                                                                                                                              ==================== ========= ====================                                                                ==================== ========= ====================
                                                                                                                                                                                                                                                                                                                 
                                                                                                                                       Williams-Sonoma, Inc.
                                                                                                                    Condensed Consolidated Statements of Cash Flows (unaudited)
                                                                                                                    Fifty-two weeks ended February 1, 2015 and February 2, 2014
                                                                                                                                      (Dollars in thousands)
 
                                                                                                                                                 Fiscal Year
                                                                                                                                                                    
                                                                                                                             ---------------------------------------------------                                                               ---------------------------------------------------
                                                                                                                                                    2014                                                                                                              2013
                                                                                                                             ---------------------------------------------------                                                               ---------------------------------------------------
Cash flows from operating activities
Net earnings                                                                                                                                    $  308,854                                                                                                        $  278,902
                                                                                                                                                                                                                                                
Adjustments to reconcile net earnings to net cash
provided by (used in) operating activities:
Depreciation and amortization                                                                                                                      162,273                                                                                                           149,795
Loss on disposal/impairment of assets                                                                                                                2,410                                                                                                             2,764
Amortization of deferred lease incentives                                                                                                          (24,419 )                                                                                                         (25,382 )
Deferred income taxes                                                                                                                                 (248 )                                                                                                         (28,344 )
Tax benefit related to stock-based awards                                                                                                           26,952                                                                                                             8,817
Excess tax benefit related to stock-based awards                                                                                                   (26,560 )                                                                                                          (8,743 )
Stock-based compensation expense                                                                                                                    44,632                                                                                                            38,788
Other                                                                                                                                                  595                                                                                                                 -
                                                                                                                                                                                                                                                
Changes in:
   Accounts receivable                                                                                                                              (9,366 )                                                                                                             786
   Merchandise inventories                                                                                                                         (76,964 )                                                                                                        (174,664 )
   Prepaid catalog expenses                                                                                                                           (386 )                                                                                                           3,675
   Prepaid expenses and other assets                                                                                                                   (61 )                                                                                                         (13,649 )
   Accounts payable                                                                                                                                  4,455                                                                                                           135,095
   Accrued salaries, benefits and other current and long-term                                                                                        8,867                                                                                                            43,635
   liabilities
   Customer deposits                                                                                                                                34,400                                                                                                            21,578
   Deferred rent and lease incentives                                                                                                               23,297                                                                                                            13,238
   Income taxes payable                                                                                                         (17,034 )                                                                                        7,478  
                                                                                                                             -------------------- -------- --------------------                                                                -------------------- -------- --------------------
Net cash provided by operating activities                                                                                       461,697                                                                     453,769  
                                                                                                                             -------------------- -------- --------------------                                                                -------------------- -------- --------------------
                                                                                                                                                                                                                                                
Cash flows from investing activities:
Purchases of property and equipment                                                                                                               (204,800 )                                                                                                        (193,953 )
Restricted cash receipts                                                                                                                            14,289                                                                                                             1,766
Proceeds from insurance reimbursements                                                                                                               1,644                                                                                                             1,518
Other                                                                                                                               267                                                                          45  
                                                                                                                             -------------------- -------- --------------------                                                                -------------------- -------- --------------------
Net cash used in investing activities                                                                                          (188,600 )                                                                                     (190,624 )
                                                                                                                             -------------------- -------- --------------------                                                                -------------------- -------- --------------------
                                                                                                                                                                                                                                                
Cash flows from financing activities:
Repurchase of common stock                                                                                                                        (224,377 )                                                                                                        (239,274 )
Payment of dividends                                                                                                                              (125,758 )                                                                                                        (111,581 )
Borrowings under revolving line of credit                                                                                                           90,000                                                                                                                 -
Repayments of borrowings under revolving line of credit                                                                                            (90,000 )                                                                                                               -
Tax withholdings related to stock-based awards                                                                                                     (56,977 )                                                                                                         (18,096 )
Excess tax benefit related to stock-based awards                                                                                                    26,560                                                                                                             8,743
Net proceeds related to stock-based awards                                                                                                           4,077                                                                                                             6,614
Repayments of long-term obligations                                                                                                                 (1,785 )                                                                                                          (1,724 )
Other                                                                                                                              (760 )                                                                                          (58 )
                                                                                                                             -------------------- -------- --------------------                                                                -------------------- -------- --------------------
Net cash used in financing activities                                                                                          (379,020 )                                                                                     (355,376 )
                                                                                                                             -------------------- -------- --------------------                                                                -------------------- -------- --------------------
                                                                                                                                                                                                                                                
Effect of exchange rates on cash and cash equivalents                                                                                               (1,271 )                                                                                                          (2,203 )
Net decrease in cash and cash equivalents                                                                                                         (107,194 )                                                                                                         (94,434 )
Cash and cash equivalents at beginning of period                                                                                330,121                                                                     424,555  
                                                                                                                             -------------------- -------- --------------------                                                                -------------------- -------- --------------------
Cash and cash equivalents at end of period                                                                                                      $  222,927                                                                                     $  330,121  
                                                                                                                             ==================== ======== ====================                                                                ==================== ======== ====================
                                                                                                                                                                                                                                                                              
                                                                                                                                                                                                                                     Exhibit 1
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                                                     Reconciliation of 4th Quarter and
                                                                                                                                                                                                                        Fiscal Year Actual GAAP to Non-GAAP Operating Margin By Segment*
                                                                                                                                                                                                                                     ($ in thousands)
                                                                                                                                                                                                                                                                                                                            
                                                   E-commerce                                                                                                Retail                                                                                                              Unallocated                                                                                                                        Total
------------------------------- -------------------- -----------------------------------------------------------------------------------                     -----------------------------------------------------------------------------------                     ---------------------------------------------------------------------------------------------------------------                     -------------------------------------------------------------------------------------------------------
                                        Q4 14                            Q4 13                                               Q4 14                            Q4 13                                                           Q4 14                                            Q4 13                                                                   Q4 14                            Q4 13
------------------------------- -------------------- --------------------------------------------------- -------------------------------                     --------------------------------------------------- -------------------------------                     --------------------------------------------------------------- -----------------------------------------------                     ----------------------------------------------------------------------- -------------------------------
Net Revenues                                                            $   769,840                      $   706,407                                         $   772,285                      $   759,917                                         $ -                       $     -                                          $ 1,542,125                       $ 1,466,324
GAAP Operating Income/(Expense)       182,031       174,625                          131,308       130,969                                     (75,456)                      (87,859)                          237,883        217,735
------------------------------- -------------------- -------------------- --------- -------------------- -------------------- ---------                      -------------------- --------- -------------------- -------------------- ---------                      -------------------- --------------------- -------------------- -------------------- -------------------------                      -------------------- ----------------------------- -------------------- -------------------- ---------
GAAP Operating Margin                   23.6%         24.7%                            17.0%         17.2%                                       (4.9%)                        (6.0%)                            15.4%          14.8%
=============================== ==================== ==================== ========= ==================== ==================== =========                      ==================== ========= ==================== ==================== =========                      ==================== ===================== ==================== ==================== =========================                      ==================== ============================= ==================== ==================== =========
Unusual Business Events (1)                 -             -                                -             -                                      (7,414)         -                                               (7,414)             -
------------------------------- -------------------- -------------------- --------- -------------------- -------------------- ---------                      -------------------- --------- -------------------- -------------------- ---------                      -------------------- --------------------- -------------------- -------------------- -------------------------                      -------------------- ----------------------------- -------------------- -------------------- ---------
Non-GAAP Operating Income/                           $   182,031                      $   174,625                                         $   131,308                      $   130,969                                         $              (82,870)                      $                  (87,859)                                         $   230,469                       $   217,735
(Expense) Excluding Unusual
Business
Events (3)
------------------------------- -------------------- -------------------- --------- -------------------- -------------------- ---------                      -------------------- --------- -------------------- -------------------- ---------                      -------------------- --------------------- -------------------- -------------------- -------------------------                      -------------------- ----------------------------- -------------------- -------------------- ---------
Non-GAAP Operating Margin (3)           23.6%         24.7%         17.0%         17.2%                    (5.4%)                        (6.0%)         14.9%          14.8%
=============================== ==================== ==================== ========= ==================== ==================== ========= ==================== ==================== ========= ==================== ==================== ========= ==================== ==================== ===================== ==================== ==================== ========================= ==================== ==================== ============================= ==================== ==================== =========
                                                                                                                                                                                                                                                                                                                                                                                                          
                                                   E-commerce                                                                                                Retail                                                                                                              Unallocated                                                                                                                        Total
------------------------------- -------------------- -----------------------------------------------------------------------------------                     -----------------------------------------------------------------------------------                     ---------------------------------------------------------------------------------------------------------------                     -------------------------------------------------------------------------------------------------------
                            FY 14                            FY 13                                               FY 14                            FY 13                                                     FY 14                                          FY 13                                                                 FY 14                                      FY 13
------------------------------- -------------------- --------------------------------------------------- -------------------------------                     --------------------------------------------------- -------------------------------                     --------------------------------------------------------------- -----------------------------------------------                     ----------------------------------------------------------------------- -------------------------------
Net Revenues                                                            $ 2,370,694                                         $ 2,115,022                                         $ 2,328,025                                         $ 2,272,867                                         $ -                                          $     -                                          $ 4,698,719                                          $ 4,387,889
GAAP Operating Income/(Expense)       560,396       502,143                          248,535       248,894                                    (306,666)                     (298,939)                          502,265        452,098
------------------------------- -------------------- -------------------- --------- -------------------- -------------------- ---------                      -------------------- --------- -------------------- -------------------- ---------                      -------------------- --------------------- -------------------- -------------------- -------------------------                      -------------------- ----------------------------- -------------------- -------------------- ---------
GAAP Operating Margin                   23.6%         23.7%                            10.7%         11.0%                                       (6.5%)                        (6.8%)                            10.7%          10.3%
=============================== ==================== ==================== ========= ==================== ==================== =========                      ==================== ========= ==================== ==================== =========                      ==================== ===================== ==================== ==================== =========================                      ==================== ============================= ==================== ==================== =========
Unusual Business Events (1) (2)             -             -                                -             -                                      (7,414)     2,936                                               (7,414)         2,936
------------------------------- -------------------- -------------------- --------- -------------------- -------------------- ---------                      -------------------- --------- -------------------- -------------------- ---------                      -------------------- --------------------- -------------------- -------------------- -------------------------                      -------------------- ----------------------------- -------------------- -------------------- ---------
Non-GAAP Operating Income/                           $   560,396                      $   502,143                                         $   248,535                      $   248,894                                         $             (314,080)                      $                 (296,003)                                         $   494,851                       $   455,034
(Expense) Excluding Unusual
Business
Events (3)
------------------------------- -------------------- -------------------- --------- -------------------- -------------------- ---------                      -------------------- --------- -------------------- -------------------- ---------                      -------------------- --------------------- -------------------- -------------------- -------------------------                      -------------------- ----------------------------- -------------------- -------------------- ---------
Non-GAAP Operating Margin (3)           23.6%         23.7%         10.7%         11.0%                    (6.7%)                        (6.7%)         10.5%          10.4%
=============================== ==================== ==================== ========= ==================== ==================== ========= ==================== ==================== ========= ==================== ==================== ========= ==================== ==================== ===================== ==================== ==================== ========================= ==================== ==================== ============================= ==================== ==================== =========
*   See the Company’s 10-K and 10-Q filings for additional information
                       on segment reporting and the definition of Operating
                       Income/(Expense) and Operating Margin.
 
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                                                     Reconciliation of Quarterly and Fiscal Year Actual GAAP to
                                                                                                                                                                                                                                     Non-GAAP
                                                                                                                                                                                                                                     Diluted Earnings Per Share**
                                                                                                                                                                                                                                     (Totals rounded to the nearest cent per diluted share)
                                                                                                        
--------------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                               Q1 14                          Q2 14                          Q3 14                          Q4 14                          FY 14
                                                                                                                                                                                  ACT                                                                                                                           ACT                                                                                                                           ACT                                                                                                                           ACT                                                                                                                           ACT
--------------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
2014 GAAP Diluted EPS                                                             $0.48                          $0.53                          $0.68                          $1.57                          $3.24
--------------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Impact of Unusual Business Events (1)                                               -                              -                              -                           (0.05)                         (0.04)
--------------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
2014 Non-GAAP Diluted EPS Excluding Unusual Business Events (3)                   $0.48                          $0.53                          $0.68                          $1.52                          $3.20
=============================================================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ====================
                                                                                                                                                                                                     
                                                                                                        
--------------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                               Q1 13                          Q2 13                          Q3 13                          Q4 13                          FY 13
                                                                                                                                                                                  ACT                                                                                                                           ACT                                                                                                                           ACT                                                                                                                           ACT                                                                                                                           ACT
--------------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
2013 GAAP Diluted EPS                                                             $0.40                          $0.49                          $0.58                          $1.38                          $2.82
--------------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Impact of Unusual Business Events (2)                                             0.02                             -                              -                              -                            0.02
--------------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
2013 Non-GAAP Diluted EPS Excluding Unusual Business Events (3)                   $0.41                          $0.49                          $0.58                          $1.38                          $2.84
=============================================================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== ====================
**   Due to the differences between the quarterly and year-to-date
     weighted average share count calculations and rounding to the
     nearest cent per diluted share, totals may not equal the sum of the
     line items and fiscal year diluted EPS may not equal the sum of the
     quarters.
     
Notes:
(1)  Impact of Unusual Business Events - During Q4 14, we received our
     share of the VISA/MasterCard antitrust litigation settlement. This
     settlement (a benefit) totaled approximately $0.05 and $0.04 per
     diluted share in Q4 14 and FY 14, respectively, and is recorded in
     SG&A expenses within the unallocated segment.
(2)  Impact of Unusual Business Events - During Q1 13 and FY 13, we
     incurred charges of approximately $0.02 per diluted share associated
     with the previously announced retirement of the former President of
     the Williams-Sonoma brand. These charges were recorded within the
     unallocated segment.
(3)
     SEC Regulation G - Non-GAAP Information - These tables include
     non-GAAP operating income, operating margin 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 and FY 14 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.
 
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                                                     Store Statistics
                                                                                                                                                                                                              Store Count                                                                                                                                                                                                                                       Avg. Leased Square Footage
                                                                                                                                                                                                                                                                                                             Per Store
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                                                                   ----------------------------------------------------------------
      Nov. 2, 2014                 Openings                             Closings      Feb. 1, 2015                                              Feb. 2, 2014                                            Feb. 1, 2015     Feb. 2, 2014
-------------------- -------------------- -------------------- ------------ -------------------- -------------------- --------------------------------------------------------------------------    -------------------- -------------------- ------------------------------   -------------------- -------------------- ------------  -------------------- -------------------- --------------------------------------------------                                              ------------  -------------------- -------------------- ------------
Williams-Sonoma                   248                                                                                 2                                  (7)               243                                                       248                                                   6,600            6,600
Pottery Barn                                                            198                                                                                                                       2                                                                        (1)                                                     199                                                                                             194                                                  13,700                                                 13,800
Pottery Barn Kids                                                        85                                                                                                                       3                                                                        (3)                                                      85                                                                                              81                                                   7,600                                                  7,900
West Elm                                                                 68                                                                                                                       1                                                                          -                                                      69                                                                                              58                                                  13,700                                                 14,100
Rejuvenation                        4                                                                                 1                                    -                 5                                                         4                                                  10,000           13,200
-------------------- -------------------- -------------------- ------------ -------------------- -------------------- -------------------------------------------------------------------------------------------------- -------------------- ----------------------------------------------------- -------------------- ---------------------------------- -------------------- ------------------------------------------------------                                          ---------------------------------- -------------------- ------------
Total                             603                                                                                 9                                 (11)               601                                                       585                                                   9,900           10,000
==================== ==================== ==================== ============ ==================== ==================== ================================================================================================== ==================== ===================================================== ==================== ================================== ==================== ======================================================                                          ================================== ==================== ============
                                                                                                                                                                                                                                                                          
                                                                                                                                                                                  ------------------------------------------------------------------                                                                            -------------------------------------------------------                                          -------------------------------------------------------
                                                                                                                                                                                                                                       Nov. 2, 2014                                                                                                                       Feb. 1, 2015                                                                                     Feb. 2, 2014
                                                                                                                                                                                  ------------------------------------------------------------------                                                                            -------------------------------------------------------                                          -------------------------------------------------------
Total store selling square footage                                                                                                                                                                                                        3,688,000                                                                                                                          3,684,000                                                                                        3,590,000
Total store leased square footage                                                                                                                                                                   5,988,000                                                                                    5,965,000                                                  5,838,000  
------------------------------------------------------------------------------------------------------------------------------------------------------------ -------------------- -------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------------------- -------------------- ---------------------------------------------------------------------------------------------------------------------

http://cts.businesswire.com/ct/CT?id=bwnews&sty=20150318006455r1&sid=cmtx6&distro=nx&lang=en

SOURCE: Williams-Sonoma, Inc.

WILLIAMS-SONOMA, INC. 
Julie P. Whalen, 415-616-8524 
EVP, Chief Financial Officer 
-or- 
Gabrielle L. Rabinovitch, 415-616-7727 
Vice President, Investor Relations


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