Williams-Sonoma, Inc. (NYSE: WSM) announced today that its board of directors has authorized a 20.3% increase in the company’s quarterly cash dividend to $ 0.71 per share. The quarterly dividend is payable on November 26, 2021 to shareholders of record at the close of business on October 22, 2021. The board of directors also approved a new share repurchase authorization of $ 1.25 billion, which replaces the 560 millions of dollars, which remains in circulation. in the context of the authorization to buy back the company’s shares in progress.
“Our decisions to further increase our quarterly dividend and to approve a new $ 1.25 billion share repurchase authorization reflect the strength of our business and financial position, as well as our commitment to maximizing returns. for our shareholders, ”said Laura Alber, President and CEO. “Our strong performance reinforces the lasting power of our main differentiators: our internal design, our digital-first channel strategy and our values. Combined with our winning positioning in a growing but fragmented industry, and our incremental growth initiatives, we are more confident than ever in our ability to generate disproportionate returns in the future. ”
This new share buyback authorization comes into effect on August 25, 2021 and results in $ 1.25 billion available for future buybacks as part of the company’s share buyback authorization. The company’s share repurchase program allows the purchase of common stock of the company through open market and privately traded transactions, including through Rule 10b5-1 plans, at times and for amounts that management deems appropriate. The timing and actual number of shares repurchased will depend on a variety of factors, including price, business and regulatory requirements, availability of capital and other market conditions. The share buyback program has no expiration date and may be limited or terminated at any time without notice.
This press release contains forward-looking statements that involve risks and uncertainties, as well as assumptions which, if they do not fully materialize or prove to be inaccurate, could cause our results to differ materially from those expressed or under- understood by these forward-looking statements. These forward-looking statements include statements relating to: our quarterly cash dividend; our share buyback program; our commitment to return capital to shareholders and maximize shareholder returns; and our long-term outlook.
Risks and uncertainties that could cause our results to differ materially from those expressed or implied by these forward-looking statements include: continued changes in general economic conditions and the impact on consumer confidence and spending; new interpretations or changes to current accounting rules; our ability to anticipate consumer preferences and purchasing trends; dependence on the timely introduction and customer acceptance of our goods; changes in consumer spending based on weather, political, competitive and other conditions beyond our control; delays in store openings; competition from companies with concepts or products similar to ours; the rapid and efficient sourcing of goods from our foreign and domestic suppliers and the delivery of goods through our supply chain to our stores and customers; effective inventory management; our ability to manage customer returns; successful catalog management including scheduling, sizing and merchandising; uncertainties regarding electronic marketing, infrastructure and regulation; multichannel and multibrand complexities; our ability to introduce new brands and brand extensions; the challenges associated with our growing global presence; dependence on external funding sources for working capital; disruptions in financial markets; our ability to control employment, occupancy and other operating costs; our ability to improve our systems and processes; changes to our information technology infrastructure; general political, economic and market conditions and events, including war, conflict or acts of terrorism; the impact of recently adopted tariffs and potential future tariffs; the continued impact of the COVID-19 pandemic on our business, supply chain and consumer demand; and our ability to mitigate the impacts and other risks and uncertainties more fully described in our public announcements, reports to shareholders and other documents filed or provided to the Securities and Exchange Commission, including our annual report on Form 10-K, our reports quarterly on Form 10-Q and our current reports on Form 8-K. All forward-looking statements contained in this press release are based on information available to us as of the date hereof, and we assume no obligation to update these forward-looking statements.
ABOUT WILLIAMS-SONOMA, INC.
Williams-Sonoma, Inc. is the world’s largest retailer of digital, design-driven and sustainable homes. The company’s products, representing distinct marketing strategies – Williams Sonoma, Pottery Barn, Pottery Barn Kids, Pottery Barn Teen, West Elm, Williams Sonoma Home, Rejuvenation, and Mark and Graham – are marketed through e-commerce websites, direct mail catalogs and retail stores. These brands are also part of The Key Rewards, our free loyalty program that offers members exclusive benefits within the Williams-Sonoma family of brands. We operate in the United States, Puerto Rico, Canada, Australia, and the United Kingdom, offer international shipping to customers around the world, and have unaffiliated franchisees who operate stores in the Middle East, Philippines, in Mexico, South Korea, and India, as well as -commercial websites in some locations. We are also proud to lead the industry with our environmental, social and governance (“ESG”) efforts. Our company is Good By Design – we have sustainability deeply embedded in our business. From our factories to your home, we are united in a common goal of caring for our people and our planet.
For more information on our ESG efforts, please visit: https://sustainability.williams-sonomainc.com/