Financial and operational performance
As of 2023, Williams-Sonoma, Inc. had 518 stores in operation worldwide, including sister brands, the lowest count to date. In comparison, the highest number of store locations was 631, recorded in 2017. Similarly to its decrease in store numbers, in 2023, the company recorded net revenues amounting to 7.6 billion U.S. dollars, the first decrease in sales since 2009. One of Williams-Sonoma’s highest grossing brands is Pottery Barn, an upscale home furnishings store chain acquired by Williams-Sonoma in 1986, which garnered a global net revenue of over 3.2 billion U.S. dollars. Additionally, Pottery Barn has more physical locations than Williams-Sonoma brand name stores.Williams-Sonoma’s portfolio also includes several other brands, such as Pottery Barn Kids, PBteen, Williams-Sonoma Home, Rejuvenation, and West Elm. Retail stores under the Williams-Sonoma brand can be found across the United States, Australia, and the United Kingdom, as well as through third-party franchises in the Philippines, the Middle East, Mexico, South Korea, and India.
Williams-Sonoma competitors
While the Williams-Sonoma brand is not among the top ten homeware retailers with the largest market share, its subsidiary Pottery Barn is. In 2023, Pottery Barn had a market share of five percent in the United States. In comparison, online retailer Wayfair’s market share was over three times that of Pottery Barn. In terms of retail sales, Wayfair also triumphed over Williams-Sonoma by two billion U.S. dollars in 2022, however, the latter still ranked as the second highest-earning home goods retailer, with 8.41 billion U.S. dollars.Within the post-pandemic climate, prices of many goods and services (including furniture) have risen drastically due to inflation. This is also reflected in net sales of furniture companies like Williams-Sonoma. Fortunately, a drop in the consumer price index (CPI) for furniture in the U.S. has been reported for 2023. As the economy recovers from the past few turbulent years, there may be hope that the furniture market will bloom again.
