Private investment firm Comvest Partners acquires the financially troubled e-retailer, which filed for Chapter 11 bankruptcy protection in March.
E-commerce sales rose 19% for the housewares and furnishings retailer.
The web led the way for second quarter sales at Williams-Sonoma Inc.
For the quarter ended July 31, Williams-Sonoma, No. 25 in the Internet Retailer Top 500 Guide, reported:
- Web sales of $317.0 million, up by about 18.7% from $267.0 million in the same quarter of 2010.
- Total sales were $815.0 million, up by about 5% from $776.0 million.
- Total direct-to-consumer sales, including web and catalog sales, were $368.0 million, up by about 12.9% from $326.0 million. Direct-to-consumer sales for the second quarter of 2011 accounted for 45% of total sales.
- Total retail sales were $447.0 million, down by 0.7% from $450.0 million. The company attributed the decline to a 4.6% decrease in leased store square footage including the closure of some Williams-Sonoma Home stores at the end of 2010.
- Comparable-store sales increased 1.4%.
- Net income was $39.3 million, up by 28% from $30.7 million in the prior year quarter.
Internet Retailer calculates the web accounted for 38.9% of total sales compared with 34.4% in the second quarter of 2010.
“In e-commerce, net revenues increased. In West Elm, comparable brand revenues increased 29%,” says Laura Alber, president and CEO. “And in international, we completed the launch of our international shipping web sites across all of our brands. While all of these initiatives continue to be in their early stages of development, we believe each of them represents a long-term growth opportunity that we will continue to invest in throughout the year.”
West Elm carries modern furniture and home décor. Other Williams-Sonoma stores and web sites include Pottery Barn, Pottery Barn Kids, PBteen and Williams-Sonoma Home.
For the first six months:
- Web sales were $607.0 million, up 19.7% from $507.0 million in the same period of 2010.
- Total sales were $1.58 billion, up by about 6.0% from $1.49 billion.
- Total direct-to-consumer sales, including web and catalog sales, were $712.1 million, up 12.8% from $631.5 million. Direct-to-consumer sales for the period accounted for about 45% of total sales.
- Total retail sales were $873.4 million, up by 1.4% from $861.6 million.
- Comparable-store sales increased 4.0%.
- Net income was $70.9 million, up by 41.0% from $50.3 million in the prior year period.
Internet Retailer calculates the web accounted for 38.4% of total sales compared with 34.0% in the first half of 2010.