By Yasin Ebrahim
Investing.com -- Williams-Sonoma reported Thursday mixed third-quarter results as earnings missed after rising costs dented margins and the retailer pulled longer-term guidance, citing macro economic uncertainty.
Williams-Sonoma Inc (NYSE:WSM) plunged more than 9% in afterhours trading following the report.
The retailer reported EPS of $3.72 on revenue of $2.19 billion. Analysts polled by Investing.com had expected earnings of $3.73 a share on revenue of $2.15B.
The miss on the bottom line comes as margins fell 220 basis points to 41.5%, driven by "higher shipping and freight costs with merchandise margin flat to last year with occupancy deleverage of 30bps," the company said.
Same-store sales were up 8.1% for the quarter.
Looking ahead, the company reiterated 2022 guidance for mid-to-high single digit annual net revenue growth, though pulled its guidance through fiscal year 2024, citing macro uncertainty.