Williams-Sonoma Inc. (WSM), the San Francisco-based seller of cookware and home furnishings, plunged the most in 31 months after its third-quarter forecast missed analysts’ estimates.
Earnings will be 58 cents to 63 cents a share, the company said yesterday in a statement. Analysts had estimated 66 cents on average, according to data compiled by Bloomberg.
The forecast raised concerns that Williams-Sonoma isn’t coping with a broader retail slump as well as expected. The company’s same-store sales had exceeded projections in the first quarter, benefiting from a rising housing market. In the most recent period, they grew 5.7 percent, missing the Consensus Metrix estimate of 6.2 percent.
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