Williams-Sonoma shares rose to new highs on Thursday after the household goods retailer posted better-than-expected results for the fourth quarter.
The company’s e-commerce business played a key role in increasing sales to make up for lost sales in brick-and-mortar stores. But CEO Laura Alber expects a strong rebound in physical sales as the US economy emerges from the pandemic.
“Shopping traffic is returning,” she said on CNBC’s “Mad Money.” “I don’t think people realize the benefits we have in retail.”
Known for selling kitchen products, Williams-Sonoma generated $ 2.3 billion in revenue in the most recent quarter ended Jan. 31. year in which sweeping Covid-19 lockdowns took effect.
The San Francisco-based retailer also reported its annual results for fiscal year 2021. Despite pandemic-era business interruptions, the company had its best growth period in nearly two decades.
Online sales grew 45% during the fiscal year, compared to a 24% decline in personal sales. Still, Alber said the company won’t give up on its physical strategy.
“We’re talking about e-commerce, and that will be our growth, but this retail recovery is also a big part of the story,” she said.
Shares of Williams-Sonoma fell 18.46% on Thursday to close at $ 161.57.