SAN FRANCISCO — Williams-Sonoma says its fourth-quarter profit fell 90 percent as it closed underperforming stores and laid off workers amid the recession.
The San Francisco-based retailer of high-end house wares earned $12.2 million, or 12 cents per share, down from $124.6 million, or $1.15 per share, in the same quarter a year earlier.
Revenue for the period ended Feb. 1 fell 27 percent to $1.01 billion from $1.37 billion.
Excluding one-time costs for store closures, severance and lease terminations, Williams-Sonoma recorded profit of 31 cents per share in the latest quarter.
Analysts polled by Thomson Reuters, whose estimates usually exclude one-time charges, expected profit of 16 cents per share on revenue of $976 million.
