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Williams-Sonoma Inc WSM

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Economic Moat




U.S. Housing Demand Remains Strong Despite Pandemic; We've Increased Our 10-Year Starts Forecast

Analyst Note

| Brian Bernard, CFA, CPA |

The coronavirus pandemic has wreaked havoc on the U.S. economy, and economic and political uncertainty are elevated. However, the housing market has been the bright spot of the economy, and many housing-related metrics have either returned to or exceeded pre-pandemic levels. Indeed, there's been a sharp V-shaped recovery in new- and existing-home sales, residential construction permits and starts, and homebuilder confidence. In our view, strong demand has been driven by record-low mortgage rates and suburban migration. We think that the latter has accelerated in the wake of stay-at-home mandates and civil unrest.

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Company Profile

Business Description

With a wide retail and direct-to-consumer presence, Williams-Sonoma is a leader in the $117 billion home furnishings category. Namesake Williams-Sonoma (210 stores) offers high-end cooking essentials, while Pottery Barn (201) provides casual home accessories. Brand extensions include Pottery Barn Kids (72) and PBteen. West Elm (121) is an emerging concept for young professionals, and Rejuvenation (10) offers lighting and house parts.

3250 Van Ness Avenue
San Francisco, CA, 94109
T +1 415 421-7900
Sector Consumer Cyclical
Industry Specialty Retail
Most Recent Earnings Jul 31, 2020
Fiscal Year End Feb 2, 2021
Stock Type High Yield
Employees 27,000