Williams-Sonoma (WSM) 10-Q23 Aug 242024 Q2 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page - shares	6 Months Ended
Cover Page - shares	Jul. 28, 2024	Aug. 18, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jul. 28, 2024
Document Transition Report	false
Entity File Number	001-14077
Entity Registrant Name	WILLIAMS-SONOMA, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	94-2203880
Entity Address, Address Line One	3250 Van Ness Avenue
Entity Address, City or Town	San Francisco
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94109
City Area Code	415
Local Phone Number	421-7900
Title of 12(b) Security	Common Stock, par value $.01 per share
Trading Symbol	WSM
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		126,339,342
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Entity Central Index Key	0000719955
Current Fiscal Year End Date	--02-02

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 28, 2024	Jul. 30, 2023	Jul. 28, 2024	Jul. 30, 2023
Income Statement [Abstract]
Net revenues	$ 1,788,307	$ 1,862,614	$ 3,448,655	$ 3,618,065
Cost of goods sold	961,981	1,105,047	1,819,814	2,185,439
Gross profit	826,326	757,567	1,628,841	1,432,626
Selling, general and administrative expenses	536,410	486,019	1,015,097	961,601
Operating income	289,916	271,548	613,744	471,025
Interest income, net	15,208	3,335	31,261	8,833
Earnings before income taxes	305,124	274,883	645,005	479,858
Income taxes	79,379	73,376	153,594	121,820
Net earnings	$ 225,745	$ 201,507	$ 491,411	$ 358,038
Basic earnings per share (in USD per share)	$ 1.76	$ 1.57	$ 3.83	$ 2.75
Diluted earnings per share (in USD per share)	$ 1.74	$ 1.56	$ 3.78	$ 2.73
Shares used in calculation of earnings per share:
Basic (in shares)	128,256	128,326	128,334	130,012
Diluted (in shares)	129,810	129,051	130,103	131,173

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 28, 2024	Jul. 30, 2023	Jul. 28, 2024	Jul. 30, 2023
Statement of Comprehensive Income [Abstract]
Net earnings	$ 225,745	$ 201,507	$ 491,411	$ 358,038
Other comprehensive income (loss):
Foreign currency translation adjustments	(49)	2,171	(1,391)	(34)
Change in fair value of derivative financial instruments, net of tax	0	(157)	1	85
Reclassification adjustment for realized gains on derivative financial instruments, net of tax of $(33), $104, $(33), and $276.	94	(296)	94	(782)
Comprehensive income	$ 225,790	$ 203,225	$ 490,115	$ 357,307

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 28, 2024	Jul. 30, 2023	Jul. 28, 2024	Jul. 30, 2023
Statement of Comprehensive Income [Abstract]
Change in fair value of derivative financial instruments, tax	$ 0	$ (56)	$ 0	$ 30
Reclassification adjustment for realized (gain) loss on derivative financial instruments, tax	$ (33)	$ 104	$ (33)	$ 276

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jul. 28, 2024	Jan. 28, 2024	Jul. 30, 2023
Current assets
Cash and cash equivalents	$ 1,265,259	$ 1,262,007	$ 514,435
Accounts receivable, net	112,492	122,914	117,045
Merchandise inventories, net	1,247,426	1,246,369	1,300,838
Prepaid expenses	99,409	59,466	73,521
Other current assets	19,711	29,041	26,293
Total current assets	2,744,297	2,719,797	2,032,132
Property and equipment, net	975,137	1,013,189	1,036,407
Operating lease right-of-use assets	1,150,180	1,229,650	1,232,925
Deferred income taxes, net	106,080	110,656	73,610
Goodwill	77,307	77,306	77,322
Other long-term assets, net	158,671	122,950	119,415
Total assets	5,211,672	5,273,548	4,571,811
Current liabilities
Accounts payable	595,601	607,877	597,104
Accrued expenses	207,633	264,306	184,996
Gift card and other deferred revenue	576,458	573,904	435,369
Income taxes payable	53,373	96,554	127,581
Operating lease liabilities	233,361	234,517	222,155
Other current liabilities	92,369	103,157	96,645
Total current liabilities	1,758,795	1,880,315	1,663,850
Long-term operating lease liabilities	1,081,108	1,156,104	1,168,221
Other long-term liabilities	121,539	109,268	118,785
Total liabilities	2,961,442	3,145,687	2,950,856
Commitments and contingencies – See Note F
Stockholders’ equity
Preferred stock: $0.01 par value; 7,500 shares authorized; none issued	0	0	0
Common stock: $0.01 par value; 253,125 shares authorized; 127,788, 128,301 and 128,289 shares issued and outstanding at July 28, 2024, January 28, 2024 and July 30, 2023, respectively	1,278	1,284	1,283
Additional paid-in capital	538,172	587,960	550,866
Retained earnings	1,728,063	1,555,595	1,084,772
Accumulated other comprehensive loss	(16,848)	(15,552)	(14,540)
Treasury stock, at cost: 4, 6 and 6 shares as of July 28, 2024, January 28, 2024 and July 30, 2023, respectively	(435)	(1,426)	(1,426)
Total stockholders’ equity	2,250,230	2,127,861	1,620,955
Total liabilities and stockholders’ equity	$ 5,211,672	$ 5,273,548	$ 4,571,811

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jul. 28, 2024	Jan. 28, 2024	Jul. 30, 2023
Stockholders’ equity
Preferred stock, par value (in USD per share)	$ 0.01	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	7,500,000	7,500,000	7,500,000
Preferred stock, shares issued (in shares)	0	0	0
Common stock, par value (in USD per share)	$ 0.01	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	253,125,000	253,125,000	253,125,000
Common stock, shares issued (in shares)	127,788,000	128,301,000	128,289,000
Common stock, shares outstanding (in shares)	127,788,000	128,301,000	128,289,000
Treasury stock (in shares)	4,000	6,000	6,000

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands		Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Treasury Stock
Beginning balance (in shares) at Jan. 29, 2023			132,453,000
Beginning balance at Jan. 29, 2023		$ 1,701,051	$ 1,325	$ 572,455	$ 1,141,819	$ (13,809)	$ (739)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings		156,531			156,531
Foreign currency translation adjustments		(2,205)				(2,205)
Change in fair value of derivative financial instruments, net of tax		242				242
Reclassification adjustment for realized (gain) loss on derivative financial instruments, net of tax		(486)				(486)
Conversion/release of stock-based awards (in shares)	[1]		996,000
Conversion/release of stock-based awards	[1]	(49,518)	$ 10	(49,327)			(201)
Repurchase of common stock (in shares)	[2]		(5,005,000)
Repurchases of common stock 2	[2]	(302,401)	$ (50)	(14,778)	(286,573)		(1,000)
Reissuance of treasury stock under stock-based compensation plans	[1]	0		(334)	(180)		514
Stock-based compensation expense		23,282		23,282
Dividends declared		(59,671)			(59,671)
Ending balance (in shares) at Apr. 30, 2023			128,444,000
Ending balance at Apr. 30, 2023		1,466,825	$ 1,285	531,298	951,926	(16,258)	(1,426)
Beginning balance (in shares) at Jan. 29, 2023			132,453,000
Beginning balance at Jan. 29, 2023		1,701,051	$ 1,325	572,455	1,141,819	(13,809)	(739)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings		358,038
Foreign currency translation adjustments		(34)
Change in fair value of derivative financial instruments, net of tax		85
Reclassification adjustment for realized (gain) loss on derivative financial instruments, net of tax		(782)
Ending balance (in shares) at Jul. 30, 2023			128,289,000
Ending balance at Jul. 30, 2023		1,620,955	$ 1,283	550,866	1,084,772	(14,540)	(1,426)
Beginning balance (in shares) at Apr. 30, 2023			128,444,000
Beginning balance at Apr. 30, 2023		1,466,825	$ 1,285	531,298	951,926	(16,258)	(1,426)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings		201,507			201,507
Foreign currency translation adjustments		2,171				2,171
Change in fair value of derivative financial instruments, net of tax		(157)				(157)
Reclassification adjustment for realized (gain) loss on derivative financial instruments, net of tax		(296)				(296)
Conversion/release of stock-based awards (in shares)	[1]		25,000
Conversion/release of stock-based awards	[1]	(432)		(432)
Repurchase of common stock (in shares)	[2]		(180,000)
Repurchases of common stock 2	[2]	(10,096)	$ (2)	(547)	(9,547)
Stock-based compensation expense		20,547		20,547
Dividends declared		(59,114)			(59,114)
Ending balance (in shares) at Jul. 30, 2023			128,289,000
Ending balance at Jul. 30, 2023		1,620,955	$ 1,283	550,866	1,084,772	(14,540)	(1,426)
Beginning balance (in shares) at Jan. 28, 2024			128,301,000
Beginning balance at Jan. 28, 2024		2,127,861	$ 1,284	587,960	1,555,595	(15,552)	(1,426)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings		265,666			265,666
Foreign currency translation adjustments		(1,342)				(1,342)
Change in fair value of derivative financial instruments, net of tax		1				1
Conversion/release of stock-based awards (in shares)	[3]		687,000
Conversion/release of stock-based awards	[3]	(87,008)	$ 6	(86,787)			(227)
Repurchase of common stock (in shares)			(313,000)
Repurchases of common stock 2		(43,781)	$ (2)	(957)	(42,822)
Reissuance of treasury stock under stock-based compensation plans	[3]	0		(1,218)			1,218
Stock-based compensation expense		22,191		22,191
Dividends declared		(74,030)			(74,030)
Ending balance (in shares) at Apr. 28, 2024			128,675,000
Ending balance at Apr. 28, 2024		2,209,558	$ 1,288	521,189	1,704,409	(16,893)	(435)
Beginning balance (in shares) at Jan. 28, 2024			128,301,000
Beginning balance at Jan. 28, 2024		2,127,861	$ 1,284	587,960	1,555,595	(15,552)	(1,426)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings		491,411
Foreign currency translation adjustments		(1,391)
Change in fair value of derivative financial instruments, net of tax		1
Reclassification adjustment for realized (gain) loss on derivative financial instruments, net of tax		94
Ending balance (in shares) at Jul. 28, 2024			127,788,000
Ending balance at Jul. 28, 2024		2,250,230	$ 1,278	538,172	1,728,063	(16,848)	(435)
Beginning balance (in shares) at Apr. 28, 2024			128,675,000
Beginning balance at Apr. 28, 2024		2,209,558	$ 1,288	521,189	1,704,409	(16,893)	(435)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings		225,745			225,745
Foreign currency translation adjustments		(49)				(49)
Change in fair value of derivative financial instruments, net of tax		0
Reclassification adjustment for realized (gain) loss on derivative financial instruments, net of tax		94				94
Conversion/release of stock-based awards (in shares)	[3]		35,000
Conversion/release of stock-based awards	[3]	(1,842)		(1,842)
Repurchase of common stock (in shares)	[2]		(922,000)
Repurchases of common stock 2	[2]	(130,518)	$ (10)	(2,808)	(127,700)
Stock-based compensation expense		21,633		21,633
Dividends declared		(74,391)			(74,391)
Ending balance (in shares) at Jul. 28, 2024			127,788,000
Ending balance at Jul. 28, 2024		$ 2,250,230	$ 1,278	$ 538,172	$ 1,728,063	$ (16,848)	$ (435)

[1]Amounts are shown net of shares withheld for employee taxes[2] Repurchases of common stock include accrued excise taxes of $2.5 million as of July 30, 2023, which is recorded in retained earnings. Amounts are shown net of shares withheld for employee taxes. 2 Repurchases of common stock include accrued excise taxes of $0.7 million as of July 28, 2024, which is recorded in retained earnings.

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jul. 28, 2024	Jul. 30, 2023
Cash flows from operating activities:
Net earnings	$ 491,411	$ 358,038
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:
Depreciation and amortization	113,264	110,843
Loss on disposal/impairment of assets	2,963	14,185
Non-cash lease expense	129,608	126,981
Deferred income taxes	(5,931)	(3,841)
Tax benefit related to stock-based awards	10,139	12,334
Stock-based compensation expense	44,846	44,159
Other	(1,578)	(1,647)
Changes in:
Accounts receivable	10,393	(1,502)
Merchandise inventories	(1,415)	154,712
Prepaid expenses and other assets	(66,647)	(6,615)
Accounts payable	(26,617)	87,840
Accrued expenses and other liabilities	(54,924)	(67,955)
Gift card and other deferred revenue	2,800	(43,699)
Operating lease liabilities	(131,848)	(135,206)
Income taxes payable	(43,181)	66,358
Net cash provided by operating activities	473,283	714,985
Cash flows from investing activities:
Purchases of property and equipment	(70,946)	(92,880)
Other	(13)	211
Net cash used in investing activities	(70,959)	(92,669)
Cash flows from financing activities:
Repurchases of common stock	(173,603)	(310,000)
Payment of dividends	(135,768)	(116,643)
Tax withholdings related to stock-based awards	(88,851)	(49,950)
Net cash used in financing activities	(398,222)	(476,593)
Effect of exchange rates on cash and cash equivalents	(850)	1,368
Net increase in cash and cash equivalents	3,252	147,091
Cash and cash equivalents at beginning of period	1,262,007	367,344
Cash and cash equivalents at end of period	$ 1,265,259	$ 514,435

CONDENSED CONSOLIDATED STATEM_6

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - (Parenthetical) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jul. 28, 2024	Jul. 28, 2024	Jul. 30, 2023
Statement of Stockholders' Equity [Abstract]
Excise taxes	$ 0.7	$ 0.7	$ 2.5

FINANCIAL STATEMENTS - BASIS OF

FINANCIAL STATEMENTS - BASIS OF PRESENTATION	6 Months Ended
FINANCIAL STATEMENTS - BASIS OF PRESENTATION	Jul. 28, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
FINANCIAL STATEMENTS - BASIS OF PRESENTATION	FINANCIAL STATEMENTS - BASIS OF PRESENTATION These financial statements include Williams-Sonoma, Inc. and its wholly owned subsidiaries ("Company," “we,” “us” or “our”). The Condensed Consolidated Balance Sheets as of July 28, 2024, January 28, 2024 and July 30, 2023, the Condensed Consolidated Statements of Earnings, the Condensed Consolidated Statements of Comprehensive Income, and the Condensed Consolidated Statements of Stockholders’ Equity for the thirteen and twenty-six weeks then ended and the Condensed Consolidated Statements of Cash Flows for the twenty-six weeks then ended, have been prepared by us, and have not been audited. In our opinion, the financial statements include all adjustments (which include normal recurring adjustments) necessary to present fairly the financial position at the balance sheet dates and the results of operations for the thirteen and twenty-six weeks then ended. Intercompany transactions and accounts have been eliminated in our consolidation. The balance sheet as of January 28, 2024, presented herein, has been derived from our audited Consolidated Balance Sheet included in our Annual Report on Form 10-K for the fiscal year ended January 28, 2024. The Company's fiscal year ends on the Sunday closest to January 31. All references to "fiscal 2024" represent the 53-week fiscal year that will end on February 2, 2025 and to "fiscal 2023" represent the 52-week fiscal year that ended January 28, 2024. The results of operations for the thirteen and twenty-six weeks ended July 28, 2024 are not necessarily indicative of the operating results of the full year. Certain information and footnote disclosures normally included in the annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been omitted. These financial statements should be read in conjunction with the Consolidated Financial Statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended January 28, 2024. Beginning in fiscal 2021 and continuing through fiscal 2022, global supply chain disruptions caused delays in inventory receipts and backorder delays, increased raw material costs, and higher shipping-related charges. These disruptions improved in the fourth quarter of fiscal 2022. However, the costs from these supply chain challenges impacted our Condensed Consolidated Statement of Earnings in the first half of fiscal 2023. Common Stock Split On July 9, 2024, the Company effected a 2-for-1 stock split of its common stock through a stock dividend. All historical share and per share amounts, excluding treasury share amounts, in this Quarterly Report on Form 10-Q have been retroactively adjusted to reflect the stock split. The shares of common stock retain a par value of $0.01 per share. Accordingly, an amount equal to the par value of the increased shares resulting from the stock split was reclassified from additional paid-in capital to common stock. Out-of-Period Adjustment Subsequent to the filing of our Form 10-K, in April 2024, the Company determined that it over-recognized freight expense in fiscal years 2021, 2022 and 2023 for a cumulative amount of $49.0 million. The Company evaluated the error, both qualitatively and quantitatively, and determined that no prior interim or annual periods were materially misstated. The Company then evaluated whether the cumulative amount of the over-accrual was material to its projected fiscal 2024 results, and determined the cumulative amount was not material. Therefore, the Condensed Consolidated Financial Statements for the twenty-six weeks ended July 28, 2024 include an out-of-period adjustment of $49.0 million, recorded in the first quarter of fiscal 2024, to reduce cost of goods sold and accounts payable, which corrected the cumulative error on the Consolidated Balance Sheet as of January 28, 2024. Recently Issued Accounting Pronouncements In November 2023, the Financial Accounting Standards Board ("FASB") issued accounting standards update ("ASU") 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures . The ASU updates reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses and information used to assess segment performance. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. We are currently assessing the impact of this ASU on our Consolidated Financial Statements and related disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . The improvements in the ASU address investor requests for enhanced income tax information primarily through changes to the rate reconciliation and income taxes paid information. This ASU is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the impact of this ASU on our Consolidated Financial Statements and related disclosures.

BORROWING ARRANGEMENTS

BORROWING ARRANGEMENTS	6 Months Ended
BORROWING ARRANGEMENTS	Jul. 28, 2024
Debt Disclosure [Abstract]
BORROWING ARRANGEMENTS	BORROWING ARRANGEMENTS Credit Facility We have a credit facility (the "Credit Facility") which provides for a $500 million unsecured revolving line of credit (the “Revolver”). Our Revolver may be used to borrow revolving loans or to request the issuance of letters of credit. We may, upon notice to the administrative agent, request existing or new lenders, at such lenders’ option, to increase the Revolver by up to $250 million to provide for a total of up to $750 million of unsecured revolving credit. During the thirteen and twenty-six weeks ended July 28, 2024 and July 30, 2023, we had no borrowings under our Revolver. Additionally, as of July 28, 2024, issued but undrawn standby letters of credit of $12.0 million were outstanding under our Revolver. The standby letters of credit were primarily issued to secure the liabilities associated with workers’ compensation and other insurance programs. Our Revolver matures on September 30, 2026, at which time all outstanding borrowings must be repaid and all outstanding letters of credit must be cash collateralized. We may elect to extend the maturity date, subject to lender approval. The interest rate applicable to the Revolver is variable and may be elected by us as: (i) the Secured Overnight Financing Rate ("SOFR") plus 10 basis points and an applicable margin based on our leverage ratio, ranging from 0.91% to 1.775% or (ii) a base rate as defined in the Credit Facility, plus an applicable margin based on our leverage ratio, ranging from 0% to 0.775%. Our Credit Facility contains certain restrictive loan covenants, including, among others, a financial covenant requiring a maximum leverage ratio (funded debt adjusted for operating lease liabilities to earnings before interest, income tax, depreciation, amortization and rent expense), and covenants limiting our ability to incur indebtedness, grant liens, make acquisitions, merge or consolidate, and dispose of assets. As of July 28, 2024, we were in compliance with our financial covenants under our Credit Facility and, based on our current projections, we expect to remain in compliance throughout the next 12 months. Letter of Credit Facilities We have three unsecured letter of credit facilities for a total of $35 million. Our letter of credit facilities contain covenants that are consistent with our Credit Facility. Interest on unreimbursed amounts under our letter of credit facilities accrues at a base rate as defined in the Credit Facility, plus an applicable margin based on our leverage ratio. As of July 28, 2024, the aggregate amount outstanding under our letter of credit facilities was $0.7 million, which represents only a future commitment to fund inventory purchases to which we had not taken legal title. On August 16, 2024, we renewed two of our letter of credit facilities totaling $30 million on substantially similar terms. The two letter of credit facilities mature on August 18, 2025, and the latest expiration date possible for future letters of credit issued under these facilities is January 15, 2026. One of the letter of credit facilities totaling $5 million matures on September 30, 2026, which is also the latest expiration date possible for future letters of credit issued under the facility.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	6 Months Ended
STOCK-BASED COMPENSATION	Jul. 28, 2024
Share-Based Payment Arrangement [Abstract]
STOCK-BASED COMPENSATION	STOCK-BASED COMPENSATION Equity Award Programs Our Amended and Restated 2001 Long-Term Incentive Plan (the “Plan”) provides for grants of incentive stock options, nonqualified stock options, stock-settled stock appreciation rights, restricted stock awards, restricted stock units (including those that are performance-based), deferred stock awards (collectively, “stock awards”) and dividend equivalents up to an aggregate of 85.4 million shares. As of July 28, 2024, there were approximately 9.5 million shares available for future grant. Awards may be granted under our Plan to officers, associates and non-associate members of the Board of Directors of the Company (the “Board”) or any parent or subsidiary. Shares issued as a result of award exercises or releases are primarily funded with the issuance of new shares. Stock Awards Annual grants of stock awards are limited to two million shares on a per person basis. Stock awards granted to associates generally vest evenly over a period of four years for service-based awards. Certain performance-based awards, which have variable payout conditions based on predetermined financial targets, generally vest three years from the date of grant. Certain stock awards and other agreements contain vesting acceleration clauses which cover events including, but not limited to, retirement, disability, death, merger or a similar corporate event. Stock awards granted to non-associate Board members generally vest in one year. Non-associate Board members automatically receive stock awards on the date of their initial election to the Board and annually thereafter on the date of the annual meeting of stockholders (so long as they continue to serve as a non-associate Board member). Non-associate directors may also elect, on terms prescribed by the Company, to receive all of their annual cash compensation to be earned in respect of the applicable fiscal year either in the form of (i) fully vested stock units or (ii) fully vested deferred stock units. Stock-Based Compensation Expense During the thirteen and twenty-six weeks ended July 28, 2024, we recognized total stock-based compensation expense, as a component of selling, general and administrative expenses ("SG&A") of $21.8 million and $44.8 million, respectively. During the thirteen and twenty-six weeks ended July 30, 2023, we recognized total stock-based compensation expense, as a component of SG&A of $20.8 million and $44.2 million, respectively.

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
EARNINGS PER SHARE	Jul. 28, 2024
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE Basic earnings per share is computed as net earnings divided by the weighted-average number of common shares outstanding for the period. Diluted earnings per share is computed as net earnings divided by the weighted-average number of common shares outstanding and common stock equivalents outstanding for the period using the treasury stock method. Common stock equivalents consist of shares subject to stock-based awards to the extent their inclusion would be dilutive. The following is a reconciliation of net earnings and the number of shares used in the basic and diluted earnings per share computations: (In thousands, except per share amounts) Net Earnings Weighted Earnings Thirteen weeks ended July 28, 2024 Basic $ 225,745 128,256 $ 1.76 Effect of dilutive stock-based awards 1,554 Diluted $ 225,745 129,810 $ 1.74 Thirteen weeks ended July 30, 2023 Basic $ 201,507 128,326 $ 1.57 Effect of dilutive stock-based awards 725 Diluted $ 201,507 129,051 $ 1.56 Twenty-six weeks ended July 28, 2024 Basic $ 491,411 128,334 $ 3.83 Effect of dilutive stock-based awards 1,769 Diluted $ 491,411 130,103 $ 3.78 Twenty-six weeks ended July 30, 2023 Basic $ 358,038 130,012 $ 2.75 Effect of dilutive stock-based awards 1,161 Diluted $ 358,038 131,173 $ 2.73 The effect of anti-dilutive stock-based awards was not material for the thirteen and twenty-six weeks ended July 28, 2024 and July 30, 2023, respectively.

SEGMENT REPORTING

SEGMENT REPORTING	6 Months Ended
SEGMENT REPORTING	Jul. 28, 2024
Segment Reporting [Abstract]
SEGMENT REPORTING	SEGMENT REPORTING We identify our operating segments according to how our business activities are managed and evaluated. Each of our brands are operating segments. Because they share similar economic and other qualitative characteristics, we have aggregated our operating segments into a single reportable segment. The following table summarizes our net revenues by brand for the thirteen and twenty-six weeks ended July 28, 2024 and July 30, 2023. For the Thirteen Weeks Ended 1 For the Twenty-six Weeks Ended 1 (In thousands) July 28, 2024 July 30, 2023 July 28, 2024 July 30, 2023 Pottery Barn $ 725,323 $ 786,308 $ 1,402,658 $ 1,554,022 West Elm 458,779 484,106 889,088 936,499 Williams Sonoma 239,867 244,513 478,106 483,934 Pottery Barn Kids and Teen 259,408 255,987 481,210 472,208 Other 2 104,930 91,700 197,593 171,402 Total 3 $ 1,788,307 $ 1,862,614 $ 3,448,655 $ 3,618,065 1 Includes business-to-business net revenues within each brand. 2 Primarily consists of net revenues from Rejuvenation, our international franchise operations, Mark and Graham, and GreenRow. 3 Includes net revenues related to our international operations (including our operations in Canada, Australia, the United Kingdom, and our franchise businesses) of approximately $79.0 million and $82.0 million for the thirteen weeks ended July 28, 2024 and July 30, 2023, respectively, and approximately $152.5 million and $152.8 million for the twenty-six weeks ended July 28, 2024 and July 30, 2023, respectively. Long-lived assets by geographic location, which excludes deferred income taxes, goodwill, and intangible assets, are as follows: As of (In thousands) July 28, 2024 January 28, 2024 July 30, 2023 U.S. $ 2,199,597 $ 2,273,905 $ 2,295,497 International 71,569 79,720 81,751 Total $ 2,271,166 $ 2,353,625 $ 2,377,248

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
COMMITMENTS AND CONTINGENCIES	Jul. 28, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES We are involved in lawsuits, claims and proceedings incident to the ordinary course of our business. These disputes, which are not currently material, are increasing in number as our business expands and our company grows. We review the need for any loss contingency reserves and establish reserves when, in the opinion of management, it is probable that a matter would result in liability, and the amount of loss, if any, can be reasonably estimated. In view of the inherent difficulty of predicting the outcome of these matters, it may not be possible to determine whether any loss is probable or to reasonably estimate the amount of the loss until the case is close to resolution, in which case no reserve is established until that time. Any claims against us, whether meritorious or not, could result in costly litigation, require significant amounts of management time and result in the diversion of significant operational resources. The results of these lawsuits, claims and proceedings cannot be predicted with certainty. However, we believe that the ultimate resolution of these current matters will not have a material adverse effect on our Condensed Consolidated Financial Statements taken as a whole.

STOCK REPURCHASE PROGRAM AND DI

STOCK REPURCHASE PROGRAM AND DIVIDENDS	6 Months Ended
STOCK REPURCHASE PROGRAM AND DIVIDENDS	Jul. 28, 2024
Equity [Abstract]
STOCK REPURCHASE PROGRAM AND DIVIDENDS	STOCK REPURCHASE PROGRAM AND DIVIDENDS Stock Repurchase Program During the thirteen weeks ended July 28, 2024, we repurchased 921,466 shares of our common stock at an average cost of $140.89 per share for an aggregate cost of $129.8 million, excluding excise taxes on stock repurchases (net of issuances) of $0.7 million. During the twenty-six weeks ended July 28, 2024, we repurchased 1,235,264 shares of our common stock at an average cost of $140.54 per share for an aggregate cost of $173.6 million, excluding excise taxes on stock repurchases (net of issuances) of $0.7 million. As of July 28, 2024, there was $826.4 million remaining under our current stock repurchase program. During the thirteen weeks ended July 30, 2023, we repurchased 179,418 shares of our common stock at an average cost of $55.74 per share for an aggregate cost of $10.0 million, excluding excise taxes on stock repurchases (net of issuances) of $0.1 million. During the twenty-six weeks ended July 30, 2023, we repurchased 5,200,854 shares of our common stock at an average cost of $59.61 per share for an aggregate cost of $310.0 million, excluding excise taxes on stock repurchases (net of issuances) of $2.5 million. As of July 28, 2024, January 28, 2024 and July 30, 2023, we held treasury stock of $0.4 million, $1.4 million and $1.4 million, respectively, that represents the cost of shares available for issuance intended to satisfy future stock-based award settlements in certain foreign jurisdictions. Stock repurchases under our program may be made through open market and privately negotiated transactions at times and in such amounts as management deems appropriate. The timing and actual number of shares repurchased will depend on a variety of factors including price, corporate and regulatory requirements, capital availability and other market conditions. Dividends On July 9, 2024, the Company effected a 2-for-1 stock split of its common stock through a stock dividend. The prior cash dividends per share have been retroactively adjusted to reflect the stock split. See Note A for further information. We declared cash dividends of $0.57 and $0.45 per common share during the thirteen weeks ended July 28, 2024 and July 30, 2023, respectively. We declared cash dividends of $1.14 and $0.90 during the twenty-six weeks ended July 28, 2024 and July 30, 2023. Our quarterly cash dividend may be limited or terminated at any time.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
FAIR VALUE MEASUREMENTS	Jul. 28, 2024
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS Fair value is the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. We determine the fair value of financial and non-financial assets and liabilities using the fair value hierarchy established by ASC 820, Fair Value Measurement , which defines three levels of inputs that may be used to measure fair value, as follows: • Level 1: inputs which include quoted prices in active markets for identical assets or liabilities; • Level 2: inputs which include observable inputs other than Level 1 inputs, such as quoted prices in active markets for similar assets or liabilities; quoted prices for identical or similar assets or liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the asset or liability; and • Level 3: inputs which include unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the underlying asset or liability. The fair values of our cash and cash equivalents are based on Level 1 inputs, which include quoted prices in active markets for identical assets. Long-lived Assets We review the carrying value of all long-lived assets for impairment, primarily at an individual store level, whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. We measure property and equipment at fair value on a nonrecurring basis using Level 3 inputs as defined in the fair value hierarchy. We measure right-of-use assets on a nonrecurring basis using Level 2 inputs that are corroborated by market data. Where Level 2 inputs are not readily available, we use Level 3 inputs. Fair value of these long-lived assets is based on the present value of estimated future cash flows using a discount rate commensurate with the risk. The significant unobservable inputs used in the fair value measurement of our store assets are sales growth/decline, gross margin, employment costs, lease escalations, market rental rates, changes in local real estate markets in which we operate, inflation and the overall economics of the retail industry. Significant fluctuations in any of these inputs individually could significantly impact our measurement of fair value. During the thirteen and twenty-six weeks ended July 28, 2024, we recognized impairment charges of $1.3 million, which consisted of (i) the write-down of operating lease right-of-use-assets of $1.0 million for three underperforming stores and (ii) the write-off of property and equipment of $0.3 million for one underperforming store. During the thirteen weeks ended July 30, 2023, we recognized impairment charges of $3.1 million primarily related to leasehold improvements of two underperforming stores. During the twenty-six weeks ended July 30, 2023, we recognized impairment charges of $11.4 million, which consisted of (i) the write-down of operating lease right-of-use-assets of $3.9 million, (ii) the write-down of leasehold improvements of $3.8 million for four underperforming stores and (iii) the write-off of property and equipment of $3.7 million resulting from the exit of Aperture, a division of our Outward, Inc. subsidiary. There were no transfers in and out of Level 3 categories during the thirteen and twenty-six weeks ended July 28, 2024 and July 30, 2023.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	6 Months Ended
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	Jul. 28, 2024
Equity [Abstract]
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Changes in accumulated other comprehensive income (loss) by component, net of tax, are as follows: (In thousands) Foreign Currency Cash Flow Accumulated Other Balance at January 28, 2024 $ (15,457) $ (95) $ (15,552) Foreign currency translation adjustments (1,342) — (1,342) Change in fair value of derivative financial instruments — 1 1 Other comprehensive income (loss) (1,342) 1 (1,341) Balance at April 28, 2024 $ (16,799) $ (94) $ (16,893) Foreign currency translation adjustments (49) — (49) Reclassification adjustment for realized (gain) loss on derivative financial instruments — 94 94 Other comprehensive income (loss) (49) 94 45 Balance at July 28, 2024 $ (16,848) $ — $ (16,848) Balance at January 29, 2023 $ (14,458) $ 649 $ (13,809) Foreign currency translation adjustments (2,205) — (2,205) Change in fair value of derivative financial instruments — 242 242 Reclassification adjustment for realized (gain) loss on derivative financial instruments — (486) (486) Other comprehensive income (loss) (2,205) (244) (2,449) Balance at April 30, 2023 $ (16,663) $ 405 $ (16,258) Foreign currency translation adjustments 2,171 — 2,171 Change in fair value of derivative financial instruments — (157) (157) Reclassification adjustment for realized (gain) loss on derivative financial instruments — (296) (296) Other comprehensive income (loss) 2,171 (453) 1,718 Balance at July 30, 2023 $ (14,492) $ (48) $ (14,540)

REVENUE

REVENUE	6 Months Ended
REVENUE	Jul. 28, 2024
Revenue from Contract with Customer [Abstract]
REVENUE	REVENUE Merchandise Sales Revenues from the sale of our merchandise through our e-commerce channel, at our retail stores as well as to our business-to-business customers and franchisees are, in each case, recognized at a point in time when control of merchandise is transferred to the customer. Merchandise can either be picked up in our stores, or delivered to the customer. For merchandise picked up in the store, control is transferred at the time of the sale to the customer. For merchandise delivered to the customer, control is transferred either when delivery has been completed, or when we have a present right to payment which, for certain merchandise, occurs upon conveyance of the merchandise to the carrier for delivery. We exclude from revenue any taxes assessed by governmental authorities, including value-added and other sales-related taxes, that are imposed on and are concurrent with revenue-generating activities. Our payment terms are primarily at the point of sale for merchandise sales and for most services. We have elected to account for shipping and handling as fulfillment activities, and not as a separate performance obligation. Revenue from the sale of merchandise is reported net of sales returns. We estimate future returns based on historical return trends together with current product sales performance. As of July 28, 2024, January 28, 2024 and July 30, 2023, we recorded a liability for expected sales returns of approximately $32.7 million, $52.4 million and $47.8 million, respectively, within other current liabilities and a corresponding asset for the expected net realizable value of the merchandise inventory to be returned of approximately $8.3 million, $16.3 million and $14.9 million, respectively, within other current assets in our Condensed Consolidated Balance Sheets. See Note E for the disclosure of our net revenues by operating segment. Gift Card and Other Deferred Revenue We defer revenue and record a liability when cash payments are received in advance of satisfying performance obligations, primarily associated with our merchandise sales, stored-value cards, customer loyalty programs, and incentives received from credit card issuers. We issue stored-value cards that may be redeemed on future merchandise purchases. Our stored-value cards have no expiration dates. Revenue from stored-value cards is recognized at a point in time upon redemption of the card and as control of the merchandise is transferred to the customer. Breakage is recognized in a manner consistent with our historical redemption patterns taking into consideration escheatment laws as applicable. Breakage is recognized over the estimated period of redemption of our cards of approximately four years, the majority of which is recognized within one year of the card issuance. Breakage revenue is not material to our Condensed Consolidated Financial Statements. We have customer loyalty programs, which allow members to earn points for each qualifying purchase. Customers can earn points through spend on both our private label and co-branded credit cards, or can earn points as part of our non-credit card related loyalty program. Points earned through both loyalty programs enable members to receive certificates that may be redeemed on future merchandise purchases. This customer option is a material right and, accordingly, represents a separate performance obligation to the customer. The allocated consideration for the points or certificates earned by our loyalty program members is deferred based on the standalone selling price of the points and recorded within gift card and other deferred revenue within our Condensed Consolidated Balance Sheet. The measurement of standalone selling prices takes into consideration the discount the customer would receive in a separate transaction for the delivered item, as well as our estimate of certificates expected to be issued and redeemed, based on historical patterns. This measurement is applied to our portfolio of performance obligations for points or certificates earned, as all obligations have similar economic characteristics. We believe the impact to our Condensed Consolidated Financial Statements would not be materially different if this measurement was applied to each individual performance obligation. Revenue is recognized for these performance obligations at a point in time when certificates are redeemed by the customer. These obligations relate to contracts with terms less than one year, as our certificates generally expire within six months from issuance. We enter into agreements with credit card issuers in connection with our private label and co-branded credit cards, whereby we receive cash incentives in exchange for promised services, such as licensing our brand names and marketing the credit card program to customers. These separate non-loyalty program related services promised under these agreements are interrelated and are thus considered a single performance obligation. Revenue is recognized over time as we transfer promised services throughout the contract term. As of July 28, 2024, January 28, 2024 and July 30, 2023, we had recorded $576.5 million, $573.9 million and $435.4 million, respectively, for gift card and other deferred revenue within current liabilities in our Condensed Consolidated Balance Sheets. The increase in our gift card and other deferred revenue balance as of July 28, 2024 compared to July 30, 2023 was primarily due to advance payments collected on certain product categories.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jul. 28, 2024	Apr. 28, 2024	Jul. 30, 2023	Apr. 30, 2023	Jul. 28, 2024	Jul. 30, 2023
Pay vs Performance Disclosure
Net earnings	$ 225,745	$ 265,666	$ 201,507	$ 156,531	$ 491,411	$ 358,038

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jul. 28, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

FINANCIAL STATEMENTS - BASIS _2

FINANCIAL STATEMENTS - BASIS OF PRESENTATION (Policies)	6 Months Ended
FINANCIAL STATEMENTS - BASIS OF PRESENTATION (Policies)	Jul. 28, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	These financial statements include Williams-Sonoma, Inc. and its wholly owned subsidiaries ("Company," “we,” “us” or “our”). The Condensed Consolidated Balance Sheets as of July 28, 2024, January 28, 2024 and July 30, 2023, the Condensed Consolidated Statements of Earnings, the Condensed Consolidated Statements of Comprehensive Income, and the Condensed Consolidated Statements of Stockholders’ Equity for the thirteen and twenty-six weeks then ended and the Condensed Consolidated Statements of Cash Flows for the twenty-six weeks then ended, have been prepared by us, and have not been audited. In our opinion, the financial statements include all adjustments (which include normal recurring adjustments) necessary to present fairly the financial position at the balance sheet dates and the results of operations for the thirteen and twenty-six weeks then ended. Intercompany transactions and accounts have been eliminated in our consolidation. The balance sheet as of January 28, 2024, presented herein, has been derived from our audited Consolidated Balance Sheet included in our Annual Report on Form 10-K for the fiscal year ended January 28, 2024. The Company's fiscal year ends on the Sunday closest to January 31. All references to "fiscal 2024" represent the 53-week fiscal year that will end on February 2, 2025 and to "fiscal 2023" represent the 52-week fiscal year that ended January 28, 2024. The results of operations for the thirteen and twenty-six weeks ended July 28, 2024 are not necessarily indicative of the operating results of the full year. Certain information and footnote disclosures normally included in the annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been omitted. These financial statements should be read in conjunction with the Consolidated Financial Statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended January 28, 2024.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In November 2023, the Financial Accounting Standards Board ("FASB") issued accounting standards update ("ASU") 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures . The ASU updates reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses and information used to assess segment performance. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. We are currently assessing the impact of this ASU on our Consolidated Financial Statements and related disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . The improvements in the ASU address investor requests for enhanced income tax information primarily through changes to the rate reconciliation and income taxes paid information. This ASU is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the impact of this ASU on our Consolidated Financial Statements and related disclosures.
Long-lived Assets	Long-lived Assets We review the carrying value of all long-lived assets for impairment, primarily at an individual store level, whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. We measure property and equipment at fair value on a nonrecurring basis using Level 3 inputs as defined in the fair value hierarchy. We measure right-of-use assets on a nonrecurring basis using Level 2 inputs that are corroborated by market data. Where Level 2 inputs are not readily available, we use Level 3 inputs. Fair value of these long-lived assets is based on the present value of estimated future cash flows using a discount rate commensurate with the risk. The significant unobservable inputs used in the fair value measurement of our store assets are sales growth/decline, gross margin, employment costs, lease escalations, market rental rates, changes in local real estate markets in which we operate, inflation and the overall economics of the retail industry. Significant fluctuations in any of these inputs individually could significantly impact our measurement of fair value.
Merchandise Sales and Gift Card and Other Deferred Revenue	Merchandise Sales Revenues from the sale of our merchandise through our e-commerce channel, at our retail stores as well as to our business-to-business customers and franchisees are, in each case, recognized at a point in time when control of merchandise is transferred to the customer. Merchandise can either be picked up in our stores, or delivered to the customer. For merchandise picked up in the store, control is transferred at the time of the sale to the customer. For merchandise delivered to the customer, control is transferred either when delivery has been completed, or when we have a present right to payment which, for certain merchandise, occurs upon conveyance of the merchandise to the carrier for delivery. We exclude from revenue any taxes assessed by governmental authorities, including value-added and other sales-related taxes, that are imposed on and are concurrent with revenue-generating activities. Our payment terms are primarily at the point of sale for merchandise sales and for most services. We have elected to account for shipping and handling as fulfillment activities, and not as a separate performance obligation. Gift Card and Other Deferred Revenue We defer revenue and record a liability when cash payments are received in advance of satisfying performance obligations, primarily associated with our merchandise sales, stored-value cards, customer loyalty programs, and incentives received from credit card issuers. We issue stored-value cards that may be redeemed on future merchandise purchases. Our stored-value cards have no expiration dates. Revenue from stored-value cards is recognized at a point in time upon redemption of the card and as control of the merchandise is transferred to the customer. Breakage is recognized in a manner consistent with our historical redemption patterns taking into consideration escheatment laws as applicable. Breakage is recognized over the estimated period of redemption of our cards of approximately four years, the majority of which is recognized within one year of the card issuance. Breakage revenue is not material to our Condensed Consolidated Financial Statements. We have customer loyalty programs, which allow members to earn points for each qualifying purchase. Customers can earn points through spend on both our private label and co-branded credit cards, or can earn points as part of our non-credit card related loyalty program. Points earned through both loyalty programs enable members to receive certificates that may be redeemed on future merchandise purchases. This customer option is a material right and, accordingly, represents a separate performance obligation to the customer. The allocated consideration for the points or certificates earned by our loyalty program members is deferred based on the standalone selling price of the points and recorded within gift card and other deferred revenue within our Condensed Consolidated Balance Sheet. The measurement of standalone selling prices takes into consideration the discount the customer would receive in a separate transaction for the delivered item, as well as our estimate of certificates expected to be issued and redeemed, based on historical patterns. This measurement is applied to our portfolio of performance obligations for points or certificates earned, as all obligations have similar economic characteristics. We believe the impact to our Condensed Consolidated Financial Statements would not be materially different if this measurement was applied to each individual performance obligation. Revenue is recognized for these performance obligations at a point in time when certificates are redeemed by the customer. These obligations relate to contracts with terms less than one year, as our certificates generally expire within six months from issuance. We enter into agreements with credit card issuers in connection with our private label and co-branded credit cards, whereby we receive cash incentives in exchange for promised services, such as licensing our brand names and marketing the credit card program to customers. These separate non-loyalty program related services promised under these agreements are interrelated and are thus considered a single performance obligation. Revenue is recognized over time as we transfer promised services throughout the contract term.

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
EARNINGS PER SHARE (Tables)	Jul. 28, 2024
Earnings Per Share [Abstract]
Reconciliation of Net Earnings and Number of Shares Used In Basic and Diluted Earnings per Share Computations	The following is a reconciliation of net earnings and the number of shares used in the basic and diluted earnings per share computations: (In thousands, except per share amounts) Net Earnings Weighted Earnings Thirteen weeks ended July 28, 2024 Basic $ 225,745 128,256 $ 1.76 Effect of dilutive stock-based awards 1,554 Diluted $ 225,745 129,810 $ 1.74 Thirteen weeks ended July 30, 2023 Basic $ 201,507 128,326 $ 1.57 Effect of dilutive stock-based awards 725 Diluted $ 201,507 129,051 $ 1.56 Twenty-six weeks ended July 28, 2024 Basic $ 491,411 128,334 $ 3.83 Effect of dilutive stock-based awards 1,769 Diluted $ 491,411 130,103 $ 3.78 Twenty-six weeks ended July 30, 2023 Basic $ 358,038 130,012 $ 2.75 Effect of dilutive stock-based awards 1,161 Diluted $ 358,038 131,173 $ 2.73

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	6 Months Ended
SEGMENT REPORTING (Tables)	Jul. 28, 2024
Segment Reporting [Abstract]
Segment Information	The following table summarizes our net revenues by brand for the thirteen and twenty-six weeks ended July 28, 2024 and July 30, 2023. For the Thirteen Weeks Ended 1 For the Twenty-six Weeks Ended 1 (In thousands) July 28, 2024 July 30, 2023 July 28, 2024 July 30, 2023 Pottery Barn $ 725,323 $ 786,308 $ 1,402,658 $ 1,554,022 West Elm 458,779 484,106 889,088 936,499 Williams Sonoma 239,867 244,513 478,106 483,934 Pottery Barn Kids and Teen 259,408 255,987 481,210 472,208 Other 2 104,930 91,700 197,593 171,402 Total 3 $ 1,788,307 $ 1,862,614 $ 3,448,655 $ 3,618,065 1 Includes business-to-business net revenues within each brand. 2 Primarily consists of net revenues from Rejuvenation, our international franchise operations, Mark and Graham, and GreenRow. 3 Includes net revenues related to our international operations (including our operations in Canada, Australia, the United Kingdom, and our franchise businesses) of approximately $79.0 million and $82.0 million for the thirteen weeks ended July 28, 2024 and July 30, 2023, respectively, and approximately $152.5 million and $152.8 million for the twenty-six weeks ended July 28, 2024 and July 30, 2023, respectively.
Summary of Long-lived Assets by Geographic Areas	Long-lived assets by geographic location, which excludes deferred income taxes, goodwill, and intangible assets, are as follows: As of (In thousands) July 28, 2024 January 28, 2024 July 30, 2023 U.S. $ 2,199,597 $ 2,273,905 $ 2,295,497 International 71,569 79,720 81,751 Total $ 2,271,166 $ 2,353,625 $ 2,377,248

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)	6 Months Ended
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)	Jul. 28, 2024
Equity [Abstract]
Changes in Accumulated Other Comprehensive Income (Loss) by Component, Net of Tax	Changes in accumulated other comprehensive income (loss) by component, net of tax, are as follows: (In thousands) Foreign Currency Cash Flow Accumulated Other Balance at January 28, 2024 $ (15,457) $ (95) $ (15,552) Foreign currency translation adjustments (1,342) — (1,342) Change in fair value of derivative financial instruments — 1 1 Other comprehensive income (loss) (1,342) 1 (1,341) Balance at April 28, 2024 $ (16,799) $ (94) $ (16,893) Foreign currency translation adjustments (49) — (49) Reclassification adjustment for realized (gain) loss on derivative financial instruments — 94 94 Other comprehensive income (loss) (49) 94 45 Balance at July 28, 2024 $ (16,848) $ — $ (16,848) Balance at January 29, 2023 $ (14,458) $ 649 $ (13,809) Foreign currency translation adjustments (2,205) — (2,205) Change in fair value of derivative financial instruments — 242 242 Reclassification adjustment for realized (gain) loss on derivative financial instruments — (486) (486) Other comprehensive income (loss) (2,205) (244) (2,449) Balance at April 30, 2023 $ (16,663) $ 405 $ (16,258) Foreign currency translation adjustments 2,171 — 2,171 Change in fair value of derivative financial instruments — (157) (157) Reclassification adjustment for realized (gain) loss on derivative financial instruments — (296) (296) Other comprehensive income (loss) 2,171 (453) 1,718 Balance at July 30, 2023 $ (14,492) $ (48) $ (14,540)

FINANCIAL STATEMENTS - BASIS _3

FINANCIAL STATEMENTS - BASIS OF PRESENTATION - Narrative (Details) $ / shares in Units, $ in Millions		1 Months Ended	6 Months Ended
	Jul. 09, 2024	Apr. 28, 2024 USD ($)	Jul. 28, 2024 USD ($) $ / shares	Jan. 28, 2024 $ / shares	Jul. 30, 2023 $ / shares
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Stock split ratio	2
Common stock, par value (in USD per share) \| $ / shares			$ 0.01	$ 0.01	$ 0.01
Immaterial error correction, freight expense \| $		$ (49)	$ (49)

BORROWING ARRANGEMENTS (Details

BORROWING ARRANGEMENTS (Details)	3 Months Ended		6 Months Ended
BORROWING ARRANGEMENTS (Details)	Jul. 28, 2024 USD ($) facility	Jul. 30, 2023 USD ($)	Jul. 28, 2024 USD ($) facility	Jul. 30, 2023 USD ($)	Aug. 16, 2024 USD ($) facility
Debt Instrument [Line Items]
Outstanding letter of credit facilities	$ 700,000		$ 700,000
Letter of Credit Facility Renewed and Extended
Debt Instrument [Line Items]
Number of facilities \| facility	3		3
Maximum borrowing capacity of letter of credit after renewal	$ 35,000,000		$ 35,000,000
Letter Of Credit Facility Maturing August 2023 \| Subsequent Event
Debt Instrument [Line Items]
Number of facilities \| facility					2
Maximum borrowing capacity of letter of credit after renewal					$ 30,000,000
Letter Of Credit Facility Maturing September 2026
Debt Instrument [Line Items]
Number of facilities \| facility	1		1
Maximum borrowing capacity of letter of credit after renewal	$ 5,000,000		$ 5,000,000
Standby Letters of Credit
Debt Instrument [Line Items]
Amount issued but undrawn under credit facility	12,000,000		12,000,000
Unsecured Revolving Line of Credit
Debt Instrument [Line Items]
Current borrowing capacity	500,000,000		500,000,000
Additional borrowing capacity	250,000,000		250,000,000
Maximum borrowing capacity including additional borrowing capacity	750,000,000		750,000,000
Borrowings under revolving line of credit	$ 0	$ 0	$ 0	$ 0
Unsecured Revolving Line of Credit \| Margin Based on Leverage Ratio \| Minimum
Debt Instrument [Line Items]
Leverage ratio			0.91%
Unsecured Revolving Line of Credit \| Margin Based on Leverage Ratio \| Maximum
Debt Instrument [Line Items]
Leverage ratio			1.775%
Unsecured Revolving Line of Credit \| Base Rate \| Minimum
Debt Instrument [Line Items]
Leverage ratio			0%
Unsecured Revolving Line of Credit \| Base Rate \| Maximum
Debt Instrument [Line Items]
Leverage ratio			0.775%
Unsecured Revolving Line of Credit \| Secured Overnight Financing Rate
Debt Instrument [Line Items]
Leverage ratio			0.10%

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
STOCK-BASED COMPENSATION (Details) - USD ($) $ in Thousands	Jul. 28, 2024	Jul. 30, 2023	Jul. 28, 2024	Jul. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards annual grant limit (in shares)			2,000,000
Vesting period of awards granted to employees (in years)			4 years
Stock-based compensation expense			$ 44,846	$ 44,159
Selling, General and Administrative Expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 21,800	$ 20,800	$ 44,800	$ 44,200
Minimum \| Non-Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period of awards granted to employees (in years)			1 year
Equity Award Programs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate number of shares under the plan (in shares)	85,400,000		85,400,000
Shares available for future grant (in shares)	9,500,000		9,500,000
Performance Based Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period of awards granted to employees (in years)			3 years

EARNINGS PER SHARE - Reconcilia

EARNINGS PER SHARE - Reconciliation of Net Earnings and Number of Shares Used in Basic and Diluted Earnings Per Share Computations (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 28, 2024	Jul. 30, 2023	Jul. 28, 2024	Jul. 30, 2023
Net Earnings
Basic	$ 225,745	$ 201,507	$ 491,411	$ 358,038
Diluted	$ 225,745	$ 201,507	$ 491,411	$ 358,038
Weighted Average Shares
Basic (in shares)	128,256	128,326	128,334	130,012
Effect of dilutive stock-based awards (in shares)	1,554	725	1,769	1,161
Diluted (in shares)	129,810	129,051	130,103	131,173
Earnings Per Share, Basic
Basic (in USD per share)	$ 1.76	$ 1.57	$ 3.83	$ 2.75
Earnings Per Share, Diluted
Diluted (in USD per share)	$ 1.74	$ 1.56	$ 3.78	$ 2.73

SEGMENT REPORTING - Net Revenue

SEGMENT REPORTING - Net Revenues by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 28, 2024	Jul. 30, 2023	Jul. 28, 2024	Jul. 30, 2023
Segment Reporting Information [Line Items]
Total	$ 1,788,307	$ 1,862,614	$ 3,448,655	$ 3,618,065
International
Segment Reporting Information [Line Items]
Total	79,000	82,000	152,500	152,800
Pottery Barn
Segment Reporting Information [Line Items]
Total	725,323	786,308	1,402,658	1,554,022
West Elm
Segment Reporting Information [Line Items]
Total	458,779	484,106	889,088	936,499
Williams Sonoma
Segment Reporting Information [Line Items]
Total	239,867	244,513	478,106	483,934
Pottery Barn Kids and Teen
Segment Reporting Information [Line Items]
Total	259,408	255,987	481,210	472,208
Other
Segment Reporting Information [Line Items]
Total	$ 104,930	$ 91,700	$ 197,593	$ 171,402

SEGMENT REPORTING - Summary of

SEGMENT REPORTING - Summary of Long-lived Assets by Geographic Areas (Details) - USD ($) $ in Thousands	Jul. 28, 2024	Jan. 28, 2024	Jul. 30, 2023
Segment Reporting Information [Line Items]
Long-lived assets	$ 2,271,166	$ 2,353,625	$ 2,377,248
U.S.
Segment Reporting Information [Line Items]
Long-lived assets	2,199,597	2,273,905	2,295,497
International
Segment Reporting Information [Line Items]
Long-lived assets	$ 71,569	$ 79,720	$ 81,751

STOCK REPURCHASE PROGRAM AND _2

STOCK REPURCHASE PROGRAM AND DIVIDENDS (Details) $ / shares in Units, $ in Thousands		3 Months Ended		6 Months Ended
	Jul. 09, 2024	Jul. 28, 2024 USD ($) $ / shares shares	Jul. 30, 2023 USD ($) $ / shares shares	Jul. 28, 2024 USD ($) $ / shares shares	Jul. 30, 2023 USD ($) $ / shares shares	Jan. 28, 2024 USD ($)
Equity [Abstract]
Common stock repurchased (in shares) \| shares		921,466	179,418	1,235,264	5,200,854
Common stock repurchased, average cost per share (in USD per share) \| $ / shares		$ 140.89	$ 55.74	$ 140.54	$ 59.61
Common stock repurchased, total cost		$ 129,800	$ 10,000	$ 173,603	$ 310,000
Excise taxes		700		700	2,500
Stock repurchase program, remaining authorized repurchase amount		826,400		826,400
Excise taxes			100		2,500
Treasury stock		$ 435	$ 1,426	$ 435	$ 1,426	$ 1,426
Cash dividends declared per common share (in USD per share) \| $ / shares		$ 0.57	$ 0.45	$ 1.14	$ 0.90
Stock split ratio	2

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details)	3 Months Ended		6 Months Ended
FAIR VALUE MEASUREMENTS (Details)	Jul. 28, 2024 USD ($) Store	Jul. 30, 2023 USD ($) Store	Jul. 28, 2024 USD ($) Store	Jul. 30, 2023 USD ($) Store
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Impairment of property and equipment	$ 1,300,000		$ 1,300,000	$ 11,400,000
Impairment of operating lease right-of-use assets	$ 1,000,000		$ 1,000,000	$ 3,900,000
Number of underperforming stores with write-downs of operating lease right-of-use assets \| Store	3		3
Number of underperforming stores with write-offs for property and equipment \| Store	1		1
Number of underperforming stores with write-downs on right of use leases \| Store		2		2
Number of underperforming stores with write-downs on leasehold improvements \| Store		4		4
Transfers in and out of level 3	$ 0	$ 0	$ 0	$ 0
Property, Plant and Equipment
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Impairment of property and equipment	$ 300,000	$ 3,100,000	$ 300,000
Property, Plant and Equipment \| Outward, Inc.
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Impairment of property and equipment				3,700,000
Leasehold Improvements
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Impairment of property and equipment				$ 3,800,000

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jul. 28, 2024	Apr. 28, 2024	Jul. 30, 2023	Apr. 30, 2023	Jul. 28, 2024	Jul. 30, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 2,209,558	$ 2,127,861	$ 1,466,825	$ 1,701,051	$ 2,127,861	$ 1,701,051
Foreign currency translation adjustments	(49)	(1,342)	2,171	(2,205)
Change in fair value of derivative financial instruments	0	1	(157)	242	1	85
Reclassification adjustment for realized (gain) loss on derivative financial instruments	94		(296)	(486)	94	(782)
Other comprehensive income (loss)	45	(1,341)	1,718	(2,449)
Ending balance	2,250,230	2,209,558	1,620,955	1,466,825	2,250,230	1,620,955
Accumulated Other Comprehensive Income (Loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(16,893)	(15,552)	(16,258)	(13,809)	(15,552)	(13,809)
Change in fair value of derivative financial instruments		1	(157)	242
Reclassification adjustment for realized (gain) loss on derivative financial instruments	94		(296)	(486)
Ending balance	(16,848)	(16,893)	(14,540)	(16,258)	(16,848)	(14,540)
Foreign Currency Translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(16,799)	(15,457)	(16,663)	(14,458)	(15,457)	(14,458)
Foreign currency translation adjustments	(49)	(1,342)	2,171	(2,205)
Other comprehensive income (loss)	(49)	(1,342)	2,171	(2,205)
Ending balance	(16,848)	(16,799)	(14,492)	(16,663)	(16,848)	(14,492)
Cash Flow Hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(94)	(95)	405	649	(95)	649
Change in fair value of derivative financial instruments		1	(157)	242
Reclassification adjustment for realized (gain) loss on derivative financial instruments	94		(296)	(486)
Other comprehensive income (loss)	94	1	(453)	(244)
Ending balance	$ 0	$ (94)	$ (48)	$ 405	$ 0	$ (48)

REVENUE (Details)

REVENUE (Details) - USD ($) $ in Thousands	6 Months Ended
REVENUE (Details) - USD ($) $ in Thousands	Jul. 28, 2024	Jan. 28, 2024	Jul. 30, 2023
Disaggregation of Revenue [Line Items]
Contract obligation term (in years)	1 year
Customer loyalty program, expiration period (in months)	6 months
Gift card and other deferred revenue	$ 576,458	$ 573,904	$ 435,369
Other Current Liabilities
Disaggregation of Revenue [Line Items]
Expected sales return liability	32,700	52,400	47,800
Other Current Assets
Disaggregation of Revenue [Line Items]
Reduction in cost of goods sold for expected net realizable value of merchandise inventory to be returned	$ 8,300	16,300	14,900
Stored-Value Cards
Disaggregation of Revenue [Line Items]
Stored value card redemption period (in years)	4 years
Stored value card redemption period, card issuance (in years)	1 year
Stored-Value Cards, Merchandise Sales and Credit Card Incentives
Disaggregation of Revenue [Line Items]
Gift card and other deferred revenue	$ 576,500	$ 573,900	$ 435,400