Williams-Sonoma, Inc. proclaims an 11% quarterly dividend enhance, new $ 1 billion share buyback approval and early reimbursement of its $ 300 million time period mortgage
SAN FRANCISCO – (BUSINESS WIRE) – Williams-Sonoma, Inc. (NYSE: WSM) introduced in the present day that its board of administrators has authorized a rise within the firm’s quarterly money dividend of $ 0.06, or 11.3%, to $ 0.59 per share, efficient March 28 The Board of Administrators additionally authorized a brand new $ 1 billion share buyback approval to exchange the remaining stability below the corporate’s present share buyback approval. Given the energy of the corporate’s liquidity place with greater than $ 1.2 billion in money on the finish of fiscal 2020, the corporate pay as you go its $ 300 million time period cash loans in full and eradicated all debt financed on February 26, 2021.
“Our resolution to extend our quarterly dividend, approve a brand new $ 1 billion share buyback authorization, and remove any excellent funded debt displays our confidence within the long-term prospects of our firm and our dedication to maximizing return for our shareholders in opposition to, ”mentioned Laura Alber, President and Chief Government Officer.
This new share buyback approval can be efficient March 17, 2021 and can outcome within the firm’s share buyback approval having $ 1 billion obtainable for future buybacks. The Firm’s share buyback program authorizes the acquisition of the Firm’s widespread inventory by way of open market and privately negotiated transactions, together with by way of Rule 10b5-1 plans, at such instances and in such quantities as administration deems acceptable. The timing and precise variety of shares repurchased will rely upon a wide range of elements together with worth, company and regulatory necessities, capital availability, and different market circumstances. The share buyback program has no expiration date and could be restricted or terminated at any time with out prior discover.
This press launch comprises forward-looking statements that contain dangers and uncertainties and assumptions that would trigger our outcomes to vary materially from these expressed or implied in such forward-looking statements, if they’re inaccurate or confirmed to be incorrect. These forward-looking statements embrace statements referring to: our quarterly money dividend; our share buyback program; our dedication to returning capital to shareholders and maximizing shareholder return; and our long-term prospects.
Dangers and uncertainties that would trigger our outcomes to vary materially from these expressed or implied in such forward-looking statements embrace: continued adjustments typically financial circumstances and results on shopper confidence and spending; new interpretations or adjustments to present accounting requirements; our potential to anticipate shopper preferences and shopping for tendencies; Dependence on the well timed introduction and buyer acceptance of our items; Adjustments in shopper spending because of climate, political, aggressive, and different circumstances past our management; Delays in retailer openings; Competitors from firms with ideas or merchandise just like ours; well timed and efficient procurement of products from our home and abroad suppliers and supply of products by way of our provide chain to our shops and clients; efficient stock administration; our potential to handle buyer returns; profitable catalog administration, together with timing, sizing and merchandising; Uncertainties about e-marketing, infrastructure and regulation; Multi-channel and multi-brand complexity; our potential to introduce new manufacturers and model extensions; Challenges associated to our growing world presence; Dependence on exterior sources of funding for working capital; Disruptions within the monetary markets; our potential to regulate employment, occupancy and different working prices; our potential to enhance our methods and processes; Adjustments to our data know-how infrastructure; common political, financial and market circumstances and occasions, together with struggle, battle or acts of terrorism; the impression of just lately enacted and potential future tariffs; The continued impression of the COVID-19 pandemic on our enterprise, provide chain and shopper demand, in addition to our potential to mitigate impression and different dangers and uncertainties, are extra totally described in our public notices, stories to shareholders and different paperwork issued on the Securities and Trade Fee, together with our annual report on Kind 10-Ok, our quarterly stories on Kind 10-Q, and our most up-to-date stories on Kind 8-Ok. All forward-looking statements on this press launch are primarily based on data obtainable to us as of the date of this press launch and we assume no obligation to replace these forward-looking statements.
ABOUT WILLIAMS-SONOMA, INC.
Williams-Sonoma, Inc. is the world’s largest retailer of digital, design, and sustainable residing. The corporate’s merchandise, which characterize totally different merchandise methods – Williams Sonoma, Pottery Barn, Pottery Barn Youngsters, Pottery Barn Teen, West Elm, Williams Sonoma Residence, Rejuvenation, and Mark and Graham – are marketed by way of e-commerce web sites, junk mail catalogs and Retail shops. These manufacturers are additionally a part of The Key Rewards, our free loyalty program that provides members unique advantages throughout the Williams-Sonoma household of manufacturers. We function within the US, Puerto Rico, Canada, Australia and the UK, present worldwide delivery to clients worldwide, and have unaffiliated franchisees doing enterprise within the Center East, Philippines, Mexico, South Korea and India and e-commerce Web sites in particular places. We’re additionally proud to steer the business in our environmental, social and governance (“ESG”) efforts. Our firm is Good By Design – we now have constructed sustainability deeply into our enterprise. From our factories to your property, all of us agree that collectively we look after our folks and our planet.
For extra data on our ESG efforts, please go to: https://sustainability.williams-sonomainc.com/