WILLIAMS SONOMA INC - FORM 8-K - EX-99.1

Attached files

file	filename
8-K - 8-K - WILLIAMS SONOMA INC	d600611d8k.htm

Exhibit 99.1

WILLIAMS-SONOMA, INC.

3250 Van Ness Avenue

San Francisco, CA 94109


PRESS RELEASE						CONTACT:
						Julie Whalen
						EVP, Chief Financial Officer
						(415) 616-8524

						Elise Wang
						Vice President, Investor Relations
						(415) 616-8571

Williams-Sonoma, Inc. reports strong second quarter 2018 results

Net revenue growth of 6.1%, with comparable brand revenue growth of 4.6%

GAAP diluted EPS of $0.62; non-GAAP diluted EPS of $0.77 driven by gross margin expansion

Raises 2018 full-year guidance

San Francisco, CA, August 22, 2018 – Williams-Sonoma, Inc. (NYSE: WSM) today announced operating results for the second fiscal quarter (“Q2 18”) ended July 29, 2018 versus the second fiscal quarter (“Q2 17”) ended July 30, 2017.

KEY HIGHLIGHTS

2^nd Quarter 2018

•

Net revenue growth of 6.1%

•

Comparable brand revenue growth of 4.6%

•

E-commerce net revenue growth accelerates to 53.9% of total company net revenues

•

GAAP operating margin of 5.8%; non-GAAP operating margin of 6.8% in-line with Q2 17

•

GAAP diluted EPS of $0.62; non-GAAP diluted EPS of $0.77 outperforms guidance, driven by gross margin expansion

•

Merchandise inventories growth of 2.5%, significantly below net revenue growth

Fiscal Year 2018 Guidance

•

Non-GAAP net revenue guidance raised to $5,565 billion – $5,665 billion

•

Comparable brand revenue growth raised at the low end to 3.0% – 5.0%

•

Non-GAAP operating margin raised at the low end to 8.4% – 9.0%

•

Non-GAAP diluted EPS raised to $4.26 – $4.36

Laura Alber, President and Chief Executive Officer, commented, “Today, we are announcing another quarter of strong results with topline growth at the high-end of guidance, gross margin significantly above last year and a substantial EPS outperformance. Our powerful multi-channel, multi-brand platform, together with our strong execution of our strategic initiatives in digital leadership, product innovation, retail transformation and operational excellence are having a positive impact on all parts of our business. Given the results in the first half and the momentum our initiatives are creating, we are raising our full-year guidance for net revenues, comp revenue growth, operating margin and EPS.”

2^nd QUARTER 2018 RESULTS

Net revenues increased 6.1% to $1.275 billion in Q2 18 from $1.202 billion in Q2 17. Excluding certain discrete items, non-GAAP net revenues were $1.274 billion in Q2 18 or a 6.1% increase over Q2 17. See Exhibit 1.

Comparable brand revenue in Q2 18 increased 4.6% compared to an increase of 2.8% in Q2 17 as shown in the table below:


2^nd Quarter Comparable Brand Revenue Growth (Decline) by Concept*
	Q2 18		Q2 17
Pottery Barn		2.0%	1.2%
West Elm		9.5%	10.1%
Williams Sonoma		1.6%	1.9%
Pottery Barn Kids and Teen		5.7%	(2.7%)
Total		4.6%	2.8%

See the Company’s 10-K and 10-Q filings for the definition of comparable brand revenue.

E-commerce net revenues in Q2 18 increased 8.9% to $687 million from $631 million in Q2 17. Excluding certain discrete items, non-GAAP e-commerce net revenues were $686 million in Q2 18 or an 8.8% increase over Q2 17. See Exhibit 1.

Retail net revenues in Q2 18 increased 3.1% to $588 million from $571 million in Q2 17.

Operating margin in Q2 18 was 5.8% compared to 6.8% in Q2 17. Excluding certain discrete items, non-GAAP operating margin was 6.8% in Q2 18. See Exhibit 1.

•

Gross margin was 36.4% in Q2 18 versus 35.2% in Q2 17. Excluding certain discrete items, non-GAAP gross margin was 36.5% in Q2 18. See Exhibit 1.

•

Selling, general and administrative (“SG&A”) expenses were $390 million, or 30.6% of net revenues in Q2 18, versus $341 million, or 28.4% of net revenues in Q2 17. Excluding certain discrete items, non-GAAP SG&A expenses were $379 million, or 29.7% of net revenues in Q2 18. See Exhibit 1.

The effective income tax rate in Q2 18 was 28.8% versus 34.8% in Q2 17. Excluding certain discrete items, the non-GAAP effective income tax rate was 24.5% in Q2 18. See Exhibit 1.

EPS in Q2 18 was $0.62 versus $0.61 in Q2 17. Excluding certain discrete items, non-GAAP EPS was $0.77 in Q2 18. See Exhibit 1.

Merchandise inventories at the end of Q2 18 increased 2.5% to $1.100 billion from $1.073 billion at the end of Q2 17.

These results include the adoption of ASU No. 2014-09, which pertains to revenue recognition. See Exhibit 2 for more details on the financial impact of adoption.

STOCK REPURCHASE PROGRAM

During Q2 18, we repurchased 2,409,000 shares of common stock at an average cost of $56.90 per share for a total cost of approximately $137 million. As of July 29, 2018, there was approximately $344 million remaining under our current stock repurchase program.

FISCAL YEAR 2018 FINANCIAL GUIDANCE


3^rd Quarter 2018 Financial Guidance*
Non-GAAP Total Net Revenues (millions)		$1,355 – $1,380
Comparable Brand Revenue Growth		3.0% – 5.0%
Non-GAAP Diluted EPS		$0.90 – $0.95


Fiscal Year 2018 Financial Guidance*
Non-GAAP Total Net Revenues (millions)		$5,565 – $5,665
Comparable Brand Revenue Growth		3.0% – 5.0%
Non-GAAP Operating Margin		8.4% – 9.0%
Non-GAAP Diluted EPS		$4.26 – $4.36
Non-GAAP Income Tax Rate		24.0% – 26.0%
Capital Spending (millions)		$200 – $220
Depreciation and Amortization (millions)		$185 – $195
*We have not provided a reconciliation of non-GAAP guidance measures to the corresponding GAAP measures on a forward-looking basis due to the potential variability of discrete items.


Store Opening and Closing Guidance by Retail Concept**
	FY 2017 ACTUAL		FY 2018 GUIDANCE
	Total		New		Close			End
Williams Sonoma		228		5		(15	)		218
Pottery Barn		203		6		(3	)		206
West Elm		106		9		(3	)		112
Pottery Barn Kids		86		—		(9	)		77
Rejuvenation		8		2		—			10
Total		631		22		(30	)		623

** Included in the FY 17 store count are 19 stores in Australia and two stores in the UK. FY 18 guidance includes one additional UK store.

CONFERENCE CALL AND WEBCAST INFORMATION

Williams-Sonoma, Inc. will host a live conference call today, August 22, 2018, at 2:00 P.M. (PT). The call, hosted by Laura Alber, President and Chief Executive Officer, will be open to the general public via live webcast and can be accessed at http://ir.williams-sonomainc.com/events. A replay of the webcast will be available at http://ir.williams-sonomainc.com/events.

SEC REGULATION G — NON-GAAP INFORMATION

This press release includes non-GAAP financial measures. Exhibit 1 provides reconciliations of these non-GAAP financial measures to the most comparable financial measures calculated and presented in accordance with accounting principles generally accepted in the U.S. (“GAAP”). We believe that these non-GAAP financial measures, when reviewed in conjunction with GAAP financial measures, can provide meaningful supplemental information for investors regarding the performance of our business and facilitate a meaningful evaluation of current period performance on a comparable basis with prior periods. Our management uses these non-GAAP financial measures in order to have comparable financial results to analyze changes in our underlying business from quarter to quarter. These non-GAAP financial measures should be considered as a supplement to, and not as a substitute for or superior to the GAAP financial measures presented in this press release and our financial statements and other publicly filed reports. Non-GAAP financial measures as presented herein may not be comparable to similarly titled measures used by other companies.

FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements that involve risks and uncertainties, as well as assumptions that, if they do not fully materialize or are proven incorrect, could cause our results to differ materially from those expressed or implied by such forward-looking statements. Such forward-looking statements include statements relating to: our ability to continue to successfully execute our strategic iniatives; our optimism about the future; our ability to drive long-term profitable growth; our future financial guidance, including Q3 18 and FY 2018 guidance; our stock repurchase program; and our proposed store openings and closures.

The risks and uncertainties that could cause our results to differ materially from those expressed or implied by such forward-looking statements include: continuing changes in general economic conditions, and the impact on consumer confidence and consumer spending; new interpretations of or changes to current accounting rules or tax regulations; the potential impact of tariffs, including our ability to mitigate the potential impact; our ability to anticipate consumer preferences and buying trends; dependence on timely introduction and customer acceptance of our merchandise; 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; timely and effective sourcing of merchandise from our foreign and domestic vendors and delivery of merchandise through our supply chain to our stores and customers; effective inventory management; our ability to manage customer returns; successful catalog management, including timing, sizing and merchandising; uncertainties in e-marketing, infrastructure and regulation; multi-channel and multi-brand complexities; our ability to introduce new brands and brand extensions; challenges associated with our increasing global presence; dependence on external funding sources for operating capital; disruptions in the 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; and other risks and uncertainties described more fully in our public announcements, reports to stockholders and other documents filed with or furnished to the SEC, including our Annual Report on Form 10-K for the fiscal year ended January 28, 2018 and all subsequent quarterly reports on Form 10-Q and current reports on Form 8-K. All forward-looking statements 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 a specialty retailer of high-quality products for the home. These products, representing distinct merchandise strategies – Williams Sonoma, Pottery Barn, Pottery Barn Kids, West Elm, PBteen, 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-to-join loyalty program that offers members exclusive benefits across the Williams-Sonoma family of brands. We operate in the U.S., Puerto Rico, Canada, Australia and the United Kingdom, offer international shipping to customers worldwide, and have unaffiliated franchisees that operate stores in the Middle East, the Philippines, Mexico and South Korea, as well as e-commerce websites in certain locations. In 2017, we acquired Outward, Inc., a 3-D imaging and augmented reality platform for the home furnishings and décor industry.

Williams-Sonoma, Inc.

Condensed Consolidated Statements of Earnings

(unaudited)


	Thirteen Weeks Ended										Twenty-six Weeks Ended
	July 29, 2018					July 30, 2017					July 29, 2018					July 30, 2017
In thousands, except per share amounts	$		% of Revenues			$		% of Revenues			$		% of Revenues			$		% of Revenues
E-commerce net revenues	$	686,942		53.9	%	$	630,793		52.5	%	$	1,333,122		53.8	%	$	1,211,303		52.4	%
Retail net revenues		588,232		46.1			570,813		47.5			1,145,052		46.2			1,101,810		47.6

Net revenues		1,275,174		100.0			1,201,606		100.0			2,478,174		100.0			2,313,113		100.0
Cost of goods sold		811,232		63.6			778,895		64.8			1,582,068		63.8			1,494,642		64.6

Gross profit		463,942		36.4			422,711		35.2			896,106		36.2			818,471		35.4
Selling, general and administrative expenses		389,776		30.6			341,127		28.4			755,390		30.5			674,413		29.2

Operating income		74,166		5.8			81,584		6.8			140,716		5.7			144,058		6.2
Interest expense, net		1,584		0.1			483		—			2,785		0.1			380		—

Earnings before income taxes		72,582		5.7			81,101		6.7			137,931		5.6			143,678		6.2
Income taxes		20,869		1.6			28,184		2.3			41,050		1.7			51,206		2.2

Net earnings	$	51,713		4.1	%	$	52,917		4.4	%	$	96,881		3.9	%	$	92,472		4.0	%

Earnings per share (EPS):
Basic	$	0.63				$	0.61				$	1.17				$	1.07
Diluted	$	0.62				$	0.61				$	1.16				$	1.06
Shares used in calculation of EPS:
Basic		82,342					86,429					82,867					86,696
Diluted		83,167					86,848					83,519					87,238

Williams-Sonoma, Inc.

Condensed Consolidated Balance Sheets

(unaudited)


In thousands, except per share amounts	July 29, 2018			January 28, 2018			July 30, 2017
Assets
Current assets
Cash and cash equivalents	$	174,580		$	390,136		$	103,109
Accounts receivable, net		106,322			90,119			78,735
Merchandise inventories, net		1,099,888			1,061,593			1,072,976
Prepaid catalog expenses		—			20,517			20,881
Prepaid expenses		74,811			62,204			76,611
Other current assets		21,891			11,876			12,066

Total current assets		1,477,492			1,636,445			1,364,378

Property and equipment, net		919,689			932,283			929,331
Deferred income taxes, net		60,960			67,306			130,212
Goodwill		85,673			18,838			18,773
Other long-term assets, net		64,163			130,877			37,166

Total assets	$	2,607,977		$	2,785,749		$	2,479,860

Liabilities and stockholders’ equity
Current liabilities
Accounts payable	$	466,903		$	457,144		$	427,474
Accrued expenses		112,381			134,207			97,965
Gift card and other deferred revenue		263,546			300,607			294,694
Borrowings under revolving line of credit		—			—			115,000
Income taxes payable		35,529			56,783			35,582
Other current liabilities		69,589			59,082			49,355

Total current liabilities		947,948			1,007,823			1,020,070

Deferred rent and lease incentives		207,190			202,134			196,982
Long-term debt		299,521			299,422			—
Other long-term obligations		72,330			72,804			74,284

Total liabilities		1,526,989			1,582,183			1,291,336

Stockholders’ equity
Preferred stock: $.01 par value; 7,500 shares authorized; none issued		—			—			—
Common stock: $.01 par value; 253,125 shares authorized; 80,988, 83,726 and 85,754 shares issued and outstanding at July 29, 2018, January 28, 2018 and July 30, 2017, respectively		810			837			858
Additional paid-in capital		561,810			562,814			556,702
Retained earnings		528,368			647,422			640,368
Accumulated other comprehensive loss		(9,742	)		(6,782	)		(8,599	)
Treasury stock, at cost		(258	)		(725	)		(805	)

Total stockholders’ equity		1,080,988			1,203,566			1,188,524

Total liabilities and stockholders’ equity	$	2,607,977		$	2,785,749		$	2,479,860


Retail Store Data (unaudited)
	April 29, 2018		Openings		Closings			July 29, 2018		July 30, 2017
Williams Sonoma		224		4		(2	)		226		234
Pottery Barn		203		2		—			205		204
West Elm		108		3		(2	)		109		101
Pottery Barn Kids		84		—		—			84		88
Rejuvenation		8		—		—			8		8
Total		627		9		(4	)		632		635


Williams-Sonoma, Inc. Condensed Consolidated Statements of Cash Flows (unaudited)
	Twenty-six Weeks Ended
In thousands	July 29, 2018			July 30, 2017
Cash flows from operating activities:
Net earnings	$	96,881		$	92,472
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:
Depreciation and amortization		93,809			90,048
Loss on disposal/impairment of assets		4,466			845
Amortization of deferred lease incentives		(13,210	)		(12,680	)
Deferred income taxes		(4,415	)		(8,937	)
Tax benefit related to stock-based awards		9,711			14,511
Stock-based compensation expense		26,526			22,829
Other		166			102
Changes in:
Accounts receivable		(13,567	)		10,658
Merchandise inventories		(45,159	)		(92,711	)
Prepaid catalog expenses		—			(1,384	)
Prepaid expenses and other assets		(29,217	)		(25,739	)
Accounts payable		(1,735	)		(36,917	)
Accrued expenses and other liabilities		(12,209	)		(34,453	)
Gift card and other deferred revenue		11,927			(8,553	)
Deferred rent and lease incentives		18,861			12,635
Income taxes payable		(22,712	)		12,409

Net cash provided by operating activities		120,123			35,135

Cash flows from investing activities:
Purchases of property and equipment		(80,021	)		(82,727	)
Other		513			44

Net cash used in investing activities		(79,508	)		(82,683	)

Cash flows from financing activities:
Repurchases of common stock		(174,818	)		(93,361	)
Payment of dividends		(70,331	)		(68,197	)
Tax withholdings related to stock-based awards		(12,335	)		(14,117	)
Borrowings under revolving line of credit		—			115,000

Net cash used in financing activities		(257,484	)		(60,675	)

Effect of exchange rates on cash and cash equivalents		1,313			(2,381	)
Net decrease in cash and cash equivalents		(215,556	)		(110,604	)
Cash and cash equivalents at beginning of period		390,136			213,713

Cash and cash equivalents at end of period	$	174,580		$	103,109

Exhibit 1

2^nd Quarter and Year-to-Date GAAP to Non-GAAP Reconciliation*

(unaudited)

(Dollars in thousands, except per share data)


Thirteen Weeks Ended July 29, 2018

	GAAP Basis (as reported)			Impairment and Early Termination Charges¹			Outward-related²			Tax Legislation³			Employment- related Expense⁴			Non-GAAP Basis
Net revenues	$	1,275,174			—		$	(707	)		—			—		$	1,274,467
Gross profit		463,942		$	719			269			—			—			464,930
% of Revenues		36.4	%														36.5	%
Selling, general and administrative expenses		389,776			(4,578	)		(4,720	)		—		$	(1,874	)		378,604
% of Revenues		30.6	%														29.7	%
Operating income		74,166			5,297			4,989			—			1,874			86,326
% of Revenues		5.8	%														6.8	%
Earnings before income taxes		72,582			5,297			4,992			—			1,874			84,745
Income taxes		20,869			1,289			1,055		$	(2,888	)		468			20,793
Tax rate		28.8	%														24.5	%
Net earnings	$	51,713		$	4,008		$	3,937		$	2,888		$	1,406		$	63,952
Diluted EPS	$	0.62		$	0.05		$	0.05		$	0.03		$	0.02		$	0.77



Twenty-six Weeks Ended July 29, 2018

	GAAP Basis (as reported)			Impairment and Early Termination Charges¹			Outward-related²			Tax Legislation³			Employment- related Expense⁴			Impact of Equity Accounting Rules⁵			Non-GAAP Basis
Net revenues	$	2,478,174			—		$	(1,401	)		—			—			—		$	2,476,773
Gross profit		896,106		$	719			851			—			—			—			897,676
% of Revenues		36.2	%																	36.2	%
Selling, general and administrative expenses		755,390			(4,578	)		(11,064	)		—		$	(3,576	)		—			736,172
% of Revenues		30.5	%																	29.7	%
Operating income		140,716			5,297			11,915			—			3,576			—			161,504
% of Revenues		5.7	%																	6.5	%
Earnings before income taxes		137,931			5,297			11,922			—			3,576			—			158,726
Income taxes		41,050			1,289			2,522		$	(6,186	)		870		$	(1,146	)		38,399
Tax rate		29.8	%																	24.2	%
Net earnings	$	96,881		$	4,008		$	9,400		$	6,186		$	2,706		$	1,146		$	120,327
Diluted EPS	$	1.16		$	0.05		$	0.11		$	0.07		$	0.03		$	0.01		$	1.44



Twenty-six Weeks Ended July 30, 2017

	GAAP Basis (as reported)			Severance-related Expense⁶			Impact of Equity Accounting Rules⁵			Non-GAAP Basis
Selling, general and administrative expenses	$	674,413		$	(5,705	)		—		$	668,708
% of Revenues		29.2	%								28.9	%
Operating income		144,058			5,705			—			149,763
% of Revenues		6.2	%								6.5	%
Earnings before income taxes		143,678			5,705			—			149,383
Income taxes		51,206			1,971		$	(1,429	)		51,748
Tax rate		35.6	%								34.6	%
Net earnings	$	92,472		$	3,734		$	1,429		$	97,635
Diluted EPS	$	1.06		$	0.04		$	0.02		$	1.12

Per share amounts may not sum across due to rounding to the nearest cent per diluted share.

Reconciliation of GAAP to Non-GAAP By Segment**

(unaudited)


	E-commerce						Retail						Unallocated						Total
In thousands	Q2 18			Q2 17			Q2 18			Q2 17			Q2 18			Q2 17			Q2 18			Q2 17
Net revenues	$	686,942		$	630,793		$	588,232		$	570,813			—			—		$	1,275,174		$	1,201,606
Outward-related²		(707	)		—			—			—			—			—			(707	)		—
Non-GAAP net revenues		686,235			630,793			588,232			570,813			—			—			1,274,467			1,201,606

Net revenue growth		8.9	%		5.2	%		3.1	%		2.1	%		—			—			6.1	%		3.7	%
Non-GAAP net revenue growth		8.8	%		—			3.1	%		—			—			—			6.1	%		—
GAAP operating income (expense)		137,236			135,139			33,922			34,592		$	(96,992	)	$	(88,147	)		74,166			81,584
GAAP operating margin		20.0	%		21.4	%		5.8	%		6.1	%		(7.6	)%		(7.3	)%		5.8	%		6.8	%

Outward-related²		3,614			—			—			—			1,375			—			4,989			—
Employment-related expense⁴		—			—			—			—			1,874			—			1,874			—
Impairment and Early Termination Charges¹		493			—			4,804			—			—			—			5,297			—
Non-GAAP operating income (expense)	$	141,343		$	135,139		$	38,726		$	34,592		$	(93,743	)	$	(88,147	)	$	86,326		$	81,584
Non-GAAP operating margin		20.6	%		21.4	%		6.6	%		6.1	%		(7.4	)%		(7.3	)%		6.8	%		6.8	%

See the Company’s 10-K and 10-Q filings for additional information on segment reporting and the definition of operating income (expense) and operating margin.

SEC Regulation G – Non-GAAP Information – These tables include non-GAAP net revenues, gross profit, gross margin, SG&A, operating income, operating margin, earnings before income taxes, income taxes, effective tax rate, net earnings and diluted EPS. We believe that these non-GAAP financial measures provide meaningful supplemental information for investors regarding the performance of our business and facilitate a meaningful evaluation of our quarterly actual results on a comparable basis with prior periods. Our management uses these non-GAAP financial measures in order to have comparable financial results to analyze changes in our underlying business from quarter to quarter. These non-GAAP financial measures should be considered as a supplement to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. Non-GAAP financial measures as presented herein may not be comparable to similarly titled measures used by other companies.

Notes to Exhibit 1:

During Q2 18, we incurred approximately $5.3 million of expense, primarily associated with impairment and early lease termination charges.

During Q2 and year-to-date 2018, we incurred approximately $5.0 million and $11.9 million of expense, respectively, primarily associated with acquisition-related compensation expense, amortization of intangible assets, as well as the operations of Outward, Inc.

During Q2 and year-to-date 2018, we recorded income tax expense of approximately $2.9 million and $6.2 million, respectively, associated with tax legislation changes.

During Q2 and year-to-date 2018, we incurred approximately $1.9 million and $3.6 million, respectively, of employment-related expense related to stock-based compensation, which is recorded in selling, general and administrative expenses within the unallocated segment.

During Q1 18 and Q1 17, we recorded income tax expense of approximately $1.1 million and $1.4 million, respectively, associated with the adoption of accounting rules related to stock-based compensation.

During Q1 17, we incurred approximately $5.7 million for severance-related reorganization expenses primarily in our corporate functions, which is recorded in selling, general and administrative expenses within the unallocated segment.

Exhibit 2

ASU No. 2014-09 Impact of Adoption*

(unaudited)

(Dollars in thousands)


	Q2 2018 GAAP As Reported		ASU 2014-09 Adjustment			Q2 2018 GAAP As Adjusted
Net revenues	$	1,275,174	$	(16,831	)	$	1,258,343
Cost of goods sold		811,232		(2,257	)		808,975
Gross profit		463,942		(14,574	)		449,368
Selling, general and administrative expenses		389,776		(10,908	)		378,868
Operating income	$	74,166	$	(3,666	)	$	70,500

We adopted ASU No. 2014-09, which pertains to revenue recognition, in the first quarter of fiscal 2018. This table shows the impact of adopting ASU No. 2014-09 on our results of operations for the second quarter of fiscal 2018.

WILLIAMS SONOMA INC - FORM 8-K - EX-99.1 - August 22, 2018

Attached files

WILLIAMS SONOMA INC Reports