Williams-Sonoma (NYSE: WSM) reported Q3 EPS of $3.66, $0.32 better than the analyst estimate of $3.34. Revenue for the quarter came in at $1.85 billion versus the consensus estimate of $1.94 billion.

OUTLOOK:

We are updating our fiscal 2023 guidance. We now expect net revenue growth in the range of -10% to -12% with an operating margin between 16% to 16.5%. Our lower sales outlook is offset by our expected increased operating margin, producing higher implied EPS guidance.

Over the long-term, we continue to expect mid-to-high single-digit annual net revenue growth with operating margin above 15%.

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