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Williams-Sonoma brings the profits home

SAN FRANCISCO — Williams-Sonoma reported that net income for the quarter ended May 1 jumped 62% to $31.6 million, from $19.5 million a year earlier, topping company expectations.

Revenue rose 7.4% to $770.8 million, better than expected.

Same-store sales, which includes direct-to-consumer revenue, rose 9%. Same-store sales rose 3.1% at the namesake brand, 7.9% at Pottery Barn and a record 11% at Pottery Barn Kids.

“During the quarter, we continued to invest in our key growth initiatives – including increasing our penetration in e-commerce, expanding the reach of the West Elm brand, and extending our international presence,” stated Laura Alber, president and CEO. “While all of these initiatives are in their early stages of development, we believe each of them represents a long-term growth opportunity that we will continue to invest in throughout the year.”

Williams-Sonoma said it continues to expect second quarter non-GAAP EPS to range from 33 cents to 36 cents per share. The company has increased its full year guidance to reflect the 2 cents outperformance it saw in Q1. Now it expects full year 2011 revenue growth to range from 4% to 6% and its non-GAAP diluted EPS to range from $2.13 to $2.21 versus $1.95 last year.