Interprétation IA fondée sur des extraits vérifiés. Les déclarations de l’entreprise et les limites de couverture restent explicites.
Méthode quality-scores-2 : six catégories de même poids. Le score global exige une couverture complète. Les données manquantes ne valent pas zéro. Les évaluations qualitatives sont des interprétations sourcées, pas des probabilités. 3/6 · 22/10/2026
Moat—
Insufficient evidence for every rubric criterion; no category score is inferred.
structural advantage · — · Proprietary products, customer data and legal rights establish differentiation, but their capacity to exclude competition or sustain superior economics is not established. New entrants alone do not prove that Williams Sonoma lacks protection.
durability · — · Maintainable trademark rights and recurring demand are supportive, but legal duration does not establish durable economic protection. The catalog lacks evidence connecting these assets to sustained competitive pricing or customer preference.
customer dependency · — · Historical loyalty redemption patterns and brand growth indicate continuing engagement indirectly. They do not establish dependency, costly switching or a protected repeat-purchase relationship.
erosion resilience · — · Recurring efficiencies and recovering comparable sales coexist with tariff-related merchandise-margin pressure. These establish operating responses, but do not establish resilience of a durable competitive barrier.
Pouvoir de fixation des prix50
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
realized pricing · 2/4 · Executed mitigation includes targeted price increases, and management attributes earlier inflation mitigation partly to pricing. Subsequent tariff-driven merchandise-margin declines show incomplete recovery. Without price-volume data, the realized contribution of pricing cannot be isolated.
retention · 2/4 · Assessed indirectly from positive fiscal 2025 comparable sales, first-half fiscal 2026 growth across reported brand groups and historical loyalty redemption patterns. Earlier comparable-sales decline tempers this evidence. No repeat-customer rate or retention at higher prices is established.
margin resilience · 2/4 · Supply-chain efficiencies offset some cost pressure across fiscal 2025 and first-half fiscal 2026. However, first-half gross-margin expansion of 220 basis points includes 310 basis points from net refunds, implying a 90-basis-point decline excluding that benefit. Second-quarter underlying pressure was greater. This supports mixed resilience rather than pricing insulation.
contractual freedom · 2/4 · Executing targeted price increases demonstrates some discretion over merchandise prices. The same disclosure acknowledges commercial pass-through constraints. It does not establish unrestricted repricing of committed orders or comprehensive customer terms.
Prévisibilité86
Five consecutive annual periods. Equal weights: nondeclining revenue frequency; revenue-growth volatility (5–40pp); positive FCF frequency; FCF-margin volatility (3–20pp). Stability indicator, not a growth forecast.
- Nondeclining revenue years (%)
- 50.00
- Revenue growth volatility (pp)
- 5.84
- Positive FCF years (%)
- 100.00
- FCF margin volatility (pp)
- 3.57
Solidité financière—
Missing required inputs: debtFcfGrade, netDebtEbitGrade. Equal-weight grades: debt/FCF (1–8x), net debt/earnings before interest and tax (0–5x), interest service (1–12x), current ratio (0.75–2x). Earnings use reported operating income, or reported pretax profit plus reported interest expense when operating income is unavailable. Interest service uses earnings/interest expense; if unavailable, it uses reported operating cash flow/cash interest paid, without relabeling cash paid as accrued expense. Nonpositive cash flow/earnings score 0 for their service component; reported zero interest with a positive numerator scores 100. Net cash scores 100 for net leverage. Missing disclosures remain unavailable. General nonfinancial-company rubric, not a credit rating; exceptional and nonoperating gains are not normalized out. IFRS finance-cost and cash-flow classifications retain their reported scope.
- interestCoverageGrade
- 100.00
- currentRatioGrade
- 51.07
- Current ratio (x)
- 1.39
- cashInterestPaid
- 0.69
- cashInterestCoverage
- 1900.13
Allocation du capital—
Missing required inputs: operatingReturn. Three-year equal-weight indicators: pretax return on average invested capital (0–25%; equity + debt − cash, each year and its prior year), share-count growth (0–5%, lower better), share-based cost/revenue (2–20%, lower better), consolidated FCF/net income (0–1x). Return uses reported operating income or, if unavailable, EBIT calculated from reported pretax profit plus reported interest expense; exceptional/nonoperating gains are not normalized out. Share-based cost uses the reported cash-flow add-back or, if absent, separately reported recognized compensation expense; the latter never becomes an FCF adjustment. Nonpositive net income scores 0 for cash conversion; absent income/FCF stays unavailable. Nonpositive invested capital has no defined return and remains unavailable. Does not establish acquisition quality or buyback timing.
- 3-year average dilution (%)
- -3.71
- 3-year average SBC / revenue (%)
- 1.25
- cashConversionGrade
- 100.00
Qualité du management63
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
capital discipline · 3/4 · Actual operating cash generation, business investment and distributions while maintaining liquidity and avoiding revolving borrowings support strong discipline. Fiscal 2025 distributions exceeded operating cash flow after capital spending, and first-half fiscal 2026 cash flow included $200.2 million of refunds and interest. Lease and purchase commitments remain material; repurchase value creation is unproven.
incentive alignment · 2/4 · Actual equity grants link compensation to revenue, earnings, operating cash flow and capital returns. Adopted director ownership requirements have disclosed compliance or remaining qualification periods. Conditional separation-related acceleration weakens the performance linkage. Executive ownership quantities and complete PSU achievement outcomes are missing.
execution · 3/4 · Comparable-sales recovery, growth across reported brand groups, recurring supply-chain efficiencies and cash generation demonstrate strong execution from operating evidence. Customer-service progress is inferred indirectly from efficiencies rather than verified service metrics. Tariff refunds are separated from underlying improvement, and merchandise-margin pressure remains a limitation.
governance · 2/4 · An independent audit committee, 97% average board and committee attendance and no disclosed reportable related-party transactions support functioning oversight. The cumulative freight-accounting error and conditional separation-related equity acceleration temper the assessment. Management judged prior periods not materially misstated; the error does not by itself establish pervasive control failure.
Preuves
We compete on the basis of our brand authority, the quality of our merchandise and customer service, our proprietary customer list, e-commerce websites and marketing capabilities, and the location and appearance of our stores, as well as our in-house design, digital-first channel strategy and values.
Business — Competition and Seasonality; issuer-described competitive differentiators · Dépôt 26/03/2026
Our in-house teams design our proprietary products and work with our talented suppliers to bring high-quality, lasting products to market through our high-touch multi-channel platform.
Business — Competition and Seasonality; proprietary product design · Dépôt 26/03/2026
Consistent with our published privacy policies, we leverage our proprietary customer file, which is a unified view of customers across our brands and channels, for digital, email and catalog marketing purposes, augmented by models developed by our in-house marketing and data analytics teams.
Business — Operations; proprietary customer file · Dépôt 26/03/2026
Trademarks are generally valid as long as they are in use and/or their registrations are properly maintained, and they have not been found to have become generic.
Business — Intellectual Property; trademark duration · Dépôt 26/03/2026
As of February 1, 2026, we also own approximately 380 patents in connection with certain product designs, inventions and proprietary technology.
Business — Intellectual Property; owned patents · Dépôt 26/03/2026
For the Thirteen Weeks Ended 1 For the Twenty-six Weeks Ended 1 (In thousands) August 2, 2026 August 3, 2025 August 2, 2026 August 3, 2025 Pottery Barn $ 770,808 $ 724,579 $ 1,479,255 $ 1,419,671 West Elm 496,251 468,550 967,425 905,635 Williams Sonoma 2 268,828 249,053 540,370 506,546 Pottery Barn Kids and Teen 297,438 286,749 537,587 516,465 Other 3 126,432 107,829 240,576 218,556 Total 4 $ 1,959,757 $ 1,836,760 $ 3,765,213 $ 3,566,873 1Includes business-to-business net revenues within each brand.
Note E — Net revenues by brand; first-half fiscal 2026 operating results · Dépôt 28/08/2026
The continued shift to e-commerce has encouraged the entry of many new competitors, including those with new business models and discount retailers selling undifferentiated products at reduced prices, as well as increased competition from established companies.
Business — Competition and Seasonality; new entrants and discount competition · Dépôt 26/03/2026
The actions we take to protect our intellectual property rights may not be adequate to prevent imitation of our brands and products by others, particularly in jurisdictions outside the U.S.
Risk Factors — Intellectual property; limits of protection against imitation · Dépôt 26/03/2026
Net revenues in fiscal 2024, including the impact of the additional week, decreased $39.1 million or 0.5%, with company comp decline of 1.6%.
MD&A — Net Revenues; realized fiscal 2024 comparable-sales decline · Dépôt 27/03/2025
•Diluted EPS of $3.04 per share.
•Gross margin of 46.2% -30bps to LY driven by (i) the impact of -70bps from the prior year out-of-period freight adjustment in Q1 FY24, (ii) lower merchandise margins of -40bps and (iii) occupancy deleverage of -20bps, partially offset by (iv) supply chain efficiencies of +50bps and (v) favorable physical inventory results of +50bps.
Fiscal 2025 highlights — Gross-margin bridge and operating efficiencies · Dépôt 18/03/2026
This increase in gross margin of 220 basis points was driven by (i) IEEPA tariff refunds, net of reimbursements to certain merchandise vendors that previously provided tariff-related concessions, of 310 basis points, (ii) supply chain efficiencies of 40 basis points, including a lower shrink accrual, and (iii) the leverage of occupancy costs of 30 basis points resulting from higher sales, partially offset by (iv) lower merchandise margins of 160 basis points primarily due to the flow-through of tariffs into cost of goods sold.
MD&A — First-half fiscal 2026 gross-margin bridge · Dépôt 28/08/2026
This income was partially offset by (i) a provision of $47.5 million to reimburse certain merchandise vendors that previously provided tariff-related concessions to the Company and (ii) a one-time tariff-related employee recognition cost of $10.0 million, in the form of a discretionary 401(k) contribution to all eligible employees.
Note L — Tariff refund; reimbursement of prior vendor concessions · Dépôt 28/08/2026
This increase in gross margin of 450 basis points was driven by (i) IEEPA tariff refunds, net of reimbursements to certain merchandise vendors that previously provided tariff-related concessions, of 610 basis points, (ii) the leverage of occupancy costs of 40 basis points resulting from higher sales, and (iii) supply chain efficiencies of 30 basis points, including a lower shrink accrual, partially offset by (iv) lower merchandise margins of 230 basis points primarily due to the flow-through of tariffs into cost of goods sold.
MD&A — Second-quarter fiscal 2026 gross-margin bridge · Dépôt 28/08/2026
While we continue to execute against an aggressive tariff mitigation plan which includes cost reductions from vendors, moving production to lower cost markets and cost savings in other areas of the business, as well as targeted price increases, we may not be able to fully or substantially mitigate the impact of the increased tariffs or any future tariffs, pass price increases on to our customers or secure adequate alternative sources of products or materials.
Risk Factors — Executed tariff mitigation, targeted pricing and pass-through limitations · Dépôt 26/03/2026
Fiscal 2025 financial achievements included: Continued Strong Earnings Financial Metric Performance Comparable Brand Revenue Growth 3.5% Diluted EPS $8.84 Comparable Consolidated and Brand Revenue Brand 2025 Comparable Brand Revenue Growth(1) Pottery Barn 0.4% West Elm 2.9% Williams Sonoma(2) 6.9% Pottery Barn Kids and Teen 4.4% Total(3) 3.5% (1) Comparable brand revenue growth includes business-to-business net revenues.
Compensation Discussion and Analysis — Fiscal 2025 comparable brand revenue results · Dépôt 06/05/2026
The measurement of standalone selling prices takes into consideration the discount the customer would receive in a separate transaction for the delivered item, as well as our estimate of certificates expected to be issued and redeemed, based on historical patterns.
Note J — Loyalty certificates; historical issuance and redemption patterns · Dépôt 28/08/2026
We ended fiscal 2025 with a cash balance of $1.0 billion and generated positive operating cash flow of $1.3 billion.
MD&A — Fiscal 2025 operating cash generation and cash balance · Dépôt 26/03/2026
This strong liquidity position allowed us to fund the operations of our business, invest $259.4 million in capital expenditures and return $1.2 billion to our stockholders through stock repurchases and dividends.
MD&A — Fiscal 2025 capital investment and shareholder distributions · Dépôt 26/03/2026
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) For the Twenty-six Weeks Ended (In thousands) August 2, 2026 August 3, 2025 Cash flows from operating activities: Net earnings $ 569,471 $ 478,825 Adjustments to reconcile net earnings to net cash provided by (used in) operating activities: Depreciation and amortization 112,683 113,165 Loss on disposal/impairment of assets 1,108 3,599 Non-cash lease expense 127,380 121,936 Deferred income taxes 12,884 14,658 Tax benefit related to stock-based awards 11,650 11,423 Stock-based compensation expense 61,530 46,974 Other (898) (1,275) Changes in: Accounts receivable (19,495) 2,411 Merchandise inventories 15,000 (98,562) Prepaid expenses and other assets (27,704) (37,959) Accounts payable 49,314 (48,962) Accrued expenses and other liabilities (89,166) (78,142) Gift card and other deferred revenue 16,197 (7,069) Operating lease liabilities (127,247) (125,977) Income taxes payable (16,845) 6,633 Net cash provided by operating activities 695,862 401,678 Cash flows from investing activities: Purchases of property and equipment (116,434) (110,293) Other 62 (1,195) Net cash used in investing activities (116,372) (111,488) Cash flows from financing activities: Repurchases of common stock (287,805) (289,108) Payment of dividends (175,444) (155,994) Tax withholdings related to stock-based awards (99,095) (67,903) Debt issuance costs — (1,187) Other (7,658) (6,941) Net cash used in financing activities (570,002) (521,133) Effect of exchange rates on cash and cash equivalents (353) 3,789 Net increase (decrease) in cash and cash equivalents 9,135 (227,154) Cash and cash equivalents at beginning of period 1,019,801 1,212,977 Cash and cash equivalents at end of period $ 1,028,936 $ 985,823 See Notes to Condensed Consolidated Financial Statements.
Condensed Consolidated Statements of Cash Flows — First-half fiscal 2026 spending and financing · Dépôt 28/08/2026
This increase was primarily due to the collection of IEEPA tariff refunds of $200.2 million, which includes related interest.
MD&A — Operating cash flow; collected tariff refunds and interest · Dépôt 28/08/2026
During the thirteen and twenty-six weeks ended August 2, 2026 and August 3, 2025, we had no borrowings under our Credit Facility.
Liquidity and Capital Resources — Actual revolving-credit borrowings · Dépôt 28/08/2026
Annual RSU and PSU equity grants approved by the Compensation Committee in March 2025, with an effective grant date of April 4, 2025, were as follows: Named Executive Officer Target Equity Value(1) Number of RSUs Number of PSUs (at Target) Laura Alber $19,000,000 50,410 86,417 Jeff Howie $3,500,000 12,602 12,602 Monica Bhargava $3,000,000 10,802 10,802 David King $1,500,000 5,401 5,401 Karalyn Yearout $1,500,000 5,401 5,401 (1) Please see “Grants of Plan-Based Award Table” on page 55 for accounting values.
Executive Compensation — Actual fiscal 2025 RSU and PSU grants · Dépôt 06/05/2026
•Performance-Based and Time-Based Equity: In fiscal 2025, our Named Executive Officers were granted PSUs based on performance against four weighted metrics—revenue growth (weighted 20%), earnings growth (weighted 20%), adjusted return on invested capital (weighted 30%), and operating cash flow (weighted 30%)—and RSUs with service vesting.
Compensation Discussion and Analysis — Metrics for granted fiscal 2025 equity awards · Dépôt 06/05/2026
Each non-employee Director must hold at least $400,000 worth of shares of company stock by the fifth anniversary of such Director’s initial election to the Board.
Director Stock Ownership Policy — Adopted ownership requirement · Dépôt 06/05/2026
As of April 21, 2026, all of our Directors have satisfied the ownership requirements or have been on the Board for less than five years.
Director Stock Ownership Policy — Compliance or remaining qualification period as of April 21, 2026 · Dépôt 06/05/2026
Bhargava will be eligible for the following payments and benefits, all less applicable withholdings and deductions: (i) payments of $1,571,400 (including legal fees); (ii) the acceleration of vesting of 25,370 restricted stock units; (iii) the acceleration of vesting of 9,580 performance stock units to be issued on March 15, 2027; and (iv) payments of $34,362 to cover the cost of health care coverage for up to 18 months.
Other Information — Separation agreement; conditional payments and accelerated equity benefits · Dépôt 22/05/2026
Williams-Sonoma, Inc. | 2026 Proxy Statement | Page 15 Table of Contents Audit and Finance Committee Current Members Responsibilities Frits van Paasschen, Chair Esi Eggleston Bracey Andrew Campion William Ready Independence The Board has determined that each member of the Audit and Finance Committee is independent under the currently effective NYSE rules and Rule 10A-3 of the Securities Exchange Act of 1934, as amended, or the Exchange Act.
Corporate Governance — Current Audit and Finance Committee independence · Dépôt 06/05/2026
Each incumbent Director attended at least 75% of the aggregate of (i) the total number of meetings of the Board held during the period of fiscal 2025 and (ii) the total number of meetings held by all committees of the Board on which such Director served during the period of fiscal 2025 that such Director served, and average Board and Committee meeting attendance for all Directors was 97%.
Corporate Governance — Actual fiscal 2025 board and committee attendance · Dépôt 06/05/2026
From the beginning of fiscal 2025 until the present, there have been no (and there are no currently proposed) related party transactions that are disclosable under Item 404 of Regulation S-K.
Certain Relationships and Related Transactions — No reportable transactions through proxy date · Dépôt 06/05/2026
Out-of-Period Freight Adjustment
Subsequent to the filing of our fiscal 2023 Form 10-K, in April 2024, we determined that we over-recognized freight expense in fiscal 2021, 2022 and 2023 for a cumulative amount of $49.0 million.
MD&A — Cumulative freight-expense accounting error · Dépôt 26/03/2026
We evaluated the error, both qualitatively and quantitatively, and determined that no prior interim or annual periods were materially misstated.
MD&A — Management assessment of prior-period error materiality · Dépôt 26/03/2026
However, our unique operating model and pricing power helped mitigate these increased costs during fiscal 2023.
MD&A — Management attribution of fiscal 2023 inflation mitigation to operating model and pricing · Dépôt 20/03/2024
•Our operating leases had fixed lease payment obligations, including imputed interest, of $1.7 billion, with $325.7 million payable within 12 months.
Liquidity and Capital Resources — Fixed operating-lease commitments · Dépôt 26/03/2026
As of February 1, 2026, our purchase obligations were approximately $1.1 billion, substantially all of which is expected to be settled within 12 months.
Liquidity and Capital Resources — Purchase obligations · Dépôt 26/03/2026
