The parent company of furniture retail brand West Elm has reported a decline in third quarter sales.

According to its latest trading update for Q3 ended 27 October 2024, Williams-Sonoma, Inc. reported overall sales for the third quarter of $1.8bn, down 2.9% from $1.85bn on the same period last year. Net earnings increased to $248.9m from $237.2m.

Its West Elm brand saw revenues fall 3.5% to $451m from $466m, while the Williams Sonoma brand registered a slight decline of 0.1% to $252m. Pottery Barn sales fell 7.5% to $718m.

Laura Alber, President and Chief Executive Officer, said: “We are pleased with the results of our third quarter, beating both top and bottom-line expectations. The quarter was driven by continued improvement in our sales trend, market-share gains, and strong profit.

“In Q3, our comp came in at -2.9%, with an operating margin of 17.8%, delivering a 7.1% increase in earnings per share to $1.96. Our operating results reflect the operational improvements that we have been focused on all year, and demonstrate the strength of our margin profile in a difficult environment.

“Our strategy of focusing on returning to growth, enhancing our world-class customer service, and driving margin is working. And, as we head into the last quarter of the year, we are optimistic and confident about our business.

“The fourth quarter is the time of year when we shine. And, therefore, we are raising our full-year guidance. We now expect full-year revenues to come in at a range of down 3% to down 1.5%, and we are raising our guidance on operating margin 40 bps to be in the range of 17.8% to 18.2%.”