Williams-Sonoma, Inc. (NYSE: WSM) today announced operating results for the fourth fiscal quarter (“Q4 16”) and fiscal year 2016 (“FY 16”) ended January 29, 2017 versus the fourth fiscal quarter (“Q4 15”) and fiscal year 2015 (“FY 15”) ended January 31, 2016.

4th QUARTER 2016 RESULTS

         

-

  Q4 16 net revenues decreased 0.3% to $1.582 billion versus $1.586 billion in Q4 15 with comparable brand revenue decreasing 0.9%.
 

-

Q4 16 operating margin was 13.6% versus 14.0% in Q4 15.
 

-

Q4 16 diluted earnings per share (“EPS”) was $1.63 versus $1.55 in Q4 15. Excluding the net benefit of approximately $0.08 per diluted share from a one-time favorable tax adjustment, non-GAAP EPS was $1.55 in Q4 16. See Exhibit 1 for a reconciliation of GAAP to non-GAAP EPS.
 

-

Cash returned to stockholders totaled $69 million, comprising $36 million in stock repurchases and $33 million in dividends.
 

FISCAL YEAR 2016 RESULTS

         

-

  FY 16 net revenues grew 2.2% to $5.084 billion versus $4.976 billion in FY 15 with comparable brand revenue growth of 0.7%.
 

-

FY 16 operating margin was 9.3% versus 9.8% in FY 15. Excluding severance-related reorganization charges, non-GAAP operating margin was 9.6% in FY 16. See Exhibit 1 for a reconciliation of GAAP to non-GAAP operating margin.
 

-

FY 16 diluted earnings per share (“EPS”) was $3.41 versus $3.37 in FY 15. Excluding severance-related reorganization charges of approximately $0.10 per diluted share and the net benefit of approximately $0.08 per diluted share from a one-time favorable tax adjustment, non-GAAP EPS was $3.43 in FY 16. See Exhibit 1.
 

-

Cash returned to stockholders totaled $285 million, comprising $151 million in stock repurchases and $134 million in dividends.
 

Laura Alber, President and Chief Executive Officer, commented: “In 2016, we delivered revenues of over $5 billion, which included another year of double-digit growth across West Elm, our newer businesses Rejuvenation and Mark and Graham, and our company-owned global operations. Additionally, from an operational perspective, we executed one of our best holiday seasons and delivered an improved customer experience which is at the center of everything we do.”

Alber continued, “Entering 2017, we will continue to improve performance and increase our competitive advantage, with a focus on innovation in e-commerce, our products and service, and the retail experience. We will also remain relentlessly focused on operational excellence throughout our supply chain, driving strategies that will improve our customers’ experience across all of our brands. We are optimistic about the future and believe we have the infrastructure, strategies and talent in place to drive long-term profitable growth for our shareholders.”

4th QUARTER 2016 RESULTS

Net revenues decreased 0.3% to $1.582 billion in Q4 16 from $1.586 billion in Q4 15.

Comparable brand revenue in Q4 16 decreased 0.9% compared to 0.8% growth in Q4 15 as shown in the table below:

 

4th Quarter Comparable Brand Revenue Growth by Concept*

            Q4 16           Q4 15
Pottery Barn           (4.1%)           (2.0%)
Williams Sonoma 1.4% 0.9%
West Elm 6.5% 12.8%
Pottery Barn Kids (4.9%) 0.1%
PBteen           (8.1%)           (12.2%)
Total           (0.9%)           0.8%
* See the Company’s 10-K and 10-Q filings for the definition of comparable brand revenue.
 

E-commerce net revenues in Q4 16 increased 2.2% to $809 million from $792 million in Q4 15. E-commerce net revenues generated 51.1% of total company net revenues in Q4 16 and 49.9% of total company net revenues in Q4 15.

Retail net revenues in Q4 16 decreased 2.7% to $773 million from $794 million in Q4 15.

Operating margin in Q4 16 was 13.6% compared to 14.0% in Q4 15:

         

-

    Gross margin was 39.3% in Q4 16 versus 38.3% in Q4 15.
 

-

Selling, general and administrative (“SG&A”) expenses were $406 million, or 25.7% of net revenues in Q4 16, versus $385 million, or 24.3% of net revenues in Q4 15.
 

The effective income tax rate in Q4 16 was 33.0% versus 36.6% in Q4 15, reflecting a one-time favorable tax adjustment. Excluding this adjustment, the effective tax rate in Q4 16 was 36.5%. See Exhibit 1 for a reconciliation of GAAP to non-GAAP effective income tax rate.

EPS in Q4 16 was $1.63 versus $1.55 in Q4 15. Excluding the tax adjustment, non-GAAP EPS was $1.55 in Q4 16. See Exhibit 1.

FISCAL YEAR 2016 RESULTS

Net revenues increased 2.2% to $5.084 billion in FY 16 from $4.976 billion in FY 15.

Comparable brand revenue in FY 16 increased 0.7% on top of 3.7% in FY 15 as shown in the table below:

 

Fiscal Year Net Revenues and Comparable Brand Revenue Growth by Concept*

        Net Revenues (Millions)        

Comparable Brand
Revenue Growth

        FY 16     FY 15         FY 16     FY 15
Pottery Barn       $2,024     $2,074         (3.5%)     1.9%
Williams Sonoma 1,002 994 1.3% 1.1%
West Elm 972 821 12.8% 14.8%
Pottery Barn Kids 635 640 (1.4%) 2.2%
PBteen 238 254 (6.2%) (2.7%)
Other       213     193         N/A     N/A
Total       $5,084     $4,976         0.7%     3.7%
* See the Company’s 10-K and 10-Q filings for the definition of comparable brand revenue.
 

E-commerce net revenues in FY 16 increased 4.4% to $2.634 billion from $2.523 billion in FY 15. E-commerce net revenues generated 51.8% of total company net revenues in FY 16 and 50.7% of total company net revenues in FY 15.

Retail net revenues in FY 16 decreased 0.1% to $2.450 billion from $2.454 billion in FY 15.

Operating margin in FY 16 was 9.3% compared to 9.8% in FY 15. Excluding severance-related reorganization charges, non-GAAP operating margin was 9.6% in FY 16:

         

-

    Gross margin was 37.0% in FY 16 versus 37.1% in FY 15.
 

-

Selling, general and administrative (“SG&A”) expenses were $1.411 billion, or 27.7% of net revenues in FY 16, versus $1.356 billion, or 27.2% of net revenues in FY 15. Excluding severance-related reorganization charges of approximately $14 million, non-GAAP SG&A expenses were $1.396 billion, or 27.5% of net revenues, in FY 16. See Exhibit 1.
 

The effective income tax rate in FY 16 was 35.3% versus 36.5% in FY 15, reflecting a one-time favorable tax adjustment. Excluding this adjustment, the effective tax rate in FY 16 was 36.9%. See Exhibit 1.

EPS in FY 16 was $3.41 versus $3.37 in FY 15. Excluding severance-related reorganization charges and the tax adjustment, non-GAAP EPS was $3.43 in FY 16. See Exhibit 1.

Merchandise inventories at the end of FY 16 were $978 million, down 0.1% compared to FY 15.

STOCK REPURCHASE PROGRAM AND DIVIDEND INCREASE

During FY 16, we repurchased 2.9 million shares of common stock at an average cost of $52.68 per share and a total cost of approximately $151 million. As of January 29, 2017, there was approximately $411 million remaining under our current stock repurchase program. As announced in a separate release today, our Board of Directors authorized a $0.02, or 5%, increase in our quarterly cash dividend to $0.39 per share.

FISCAL YEAR 2017 FINANCIAL GUIDANCE

         

1st Quarter 2017 Financial Guidance

 

Total Net Revenues (millions)

$1,085 – $1,120

Comparable Brand Revenue Growth/(Decrease)

(1%) – 2%

Diluted EPS

$0.45 – $0.50

             
 

Fiscal Year 2017 Financial Guidance

 
Total Net Revenues (millions) $5,165 – $5,265
Comparable Brand Revenue Growth 1% – 3%
Operating Margin 9.4% – 9.6%
Diluted EPS $3.45 – $3.65
Income Tax Rate 36.5% – 37.5%
Capital Spending (millions) $200 – $220
Depreciation and Amortization (millions)           $185 – $195
 
           

Store Opening and Closing Guidance by Retail Concept*

 
FY 2016 ACT           FY 2017 GUID
              Total           New             Close             End
Williams Sonoma             234 3             (6)             231
Pottery Barn 201 6 (3) 204
West Elm 98 10 (3) 105
Pottery Barn Kids 89 - (4) 85
Rejuvenation             7           2             -             9
Total             629           21             (16)             634

* Included in the FY 16 store count are 19 stores in Australia and one store in the UK.

CONFERENCE CALL AND WEBCAST INFORMATION

Williams-Sonoma, Inc. will host a live conference call today, March 15, 2017, 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 SG&A, operating income, operating margin, income taxes, effective tax rate and diluted EPS. These non-GAAP financial measures exclude the impact of severance-related reorganization charges in Q1 16 and Q3 16 and a one-time favorable tax adjustment in Q4 16. We have reconciled these non-GAAP financial measures with the most directly comparable GAAP financial measures in the text of this release and in Exhibit 1. 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 and FY 16 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 measures should be considered as a supplement to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP.

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 improve performance and increase our competitive advantage; our focus on operational excellence; our ability to improve customers’ experience; our optimism about the future; our ability to drive long-term profitable growth; our future financial guidance, including Q1 17 and FY 2017 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: accounting adjustments as we close our books for Q4 16 and as audited year-end financial statements are prepared; continuing changes in general economic conditions, and the impact on consumer confidence and consumer spending; new interpretations of or changes to current accounting rules; 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 31, 2016 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 eight 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. Williams-Sonoma, Inc. currently operates in the United States, Canada, Australia and the United Kingdom, offers international shipping to customers worldwide, and has unaffiliated franchisees that operate stores in the Middle East and the Philippines and stores and e-commerce websites in Mexico.

 
Williams-Sonoma, Inc.
Condensed Consolidated Statements of Earnings (unaudited)
Thirteen weeks ended January 29, 2017 and January 31, 2016
(Dollars and shares in thousands, except per share amounts)
         

4th Quarter

         
2016 2015
$          

% of
Revenues

$          

% of
Revenues

E-commerce net revenues $ 808,942           51.1 % $ 791,903           49.9 %
Retail net revenues   772,639           48.9     794,401           50.1  
Net revenues 1,581,581 100.0 1,586,304 100.0
 
Cost of goods sold   959,550           60.7     978,744           61.7  
Gross profit 622,031 39.3 607,560 38.3
 
Selling, general and administrative expenses   406,212           25.7     384,880           24.3  
Operating income 215,819 13.6 222,680 14.0
 
Interest (income) expense, net   101           -     2           -  
Earnings before income taxes 215,718 13.6 222,678 14.0
 
Income taxes   71,091           4.5     81,550           5.1  
Net earnings $ 144,627           9.1 % $ 141,128           8.9 %
 
Earnings per share (EPS):
Basic

 

$1.65

 

$1.57

Diluted

 

$1.63

 

$1.55

 
Shares used in calculation of EPS:
Basic 87,669 89,760
Diluted 88,633 90,988
         
Williams-Sonoma, Inc.
Condensed Consolidated Statements of Earnings (unaudited)
Fifty-two weeks ended January 29, 2017 and January 31, 2016
(Dollars and shares in thousands, except per share amounts)
 

Fiscal Year

         
2016 2015
$          

% of
Revenues

$          

% of
Revenues

E-commerce net revenues $ 2,633,602           51.8 % $ 2,522,580           50.7 %
Retail net revenues   2,450,210           48.2     2,453,510           49.3  
Net revenues 5,083,812 100.0 4,976,090 100.0
 
Cost of goods sold   3,200,502           63.0     3,131,876           62.9  
Gross profit 1,883,310 37.0 1,844,214 37.1
 
Selling, general and administrative expenses   1,410,711           27.7     1,355,580           27.2  
Operating income 472,599 9.3 488,634 9.8
 
Interest (income) expense, net   688           -     627           -  
Earnings before income taxes 471,911 9.3 488,007 9.8
 
Income taxes   166,524           3.3     177,939           3.6  
Net earnings $ 305,387           6.0 % $ 310,068           6.2 %
 
Earnings per share (EPS):
Basic

 

$3.45

 

$3.42

Diluted

 

$3.41

 

$3.37

 
Shares used in calculation of EPS:
Basic 88,594 90,787
Diluted 89,462 92,102
                   
Williams-Sonoma, Inc.
Condensed Consolidated Balance Sheets (unaudited)
(Dollars and shares in thousands, except per share amounts)
   
Jan. 29, 2017 Jan. 31, 2016
Assets
Current assets
Cash and cash equivalents $ 213,713 $ 193,647
Accounts receivable, net 88,803 79,304
Merchandise inventories, net 977,505 978,138
Prepaid catalog expenses 23,625 28,919
Prepaid expenses 52,882 44,654
Other assets   10,652     11,438  
Total current assets   1,367,180     1,336,100  
 
Property and equipment, net 923,283 886,813
Deferred income taxes, net 135,238 141,784
Other assets, net   51,178     52,730  
Total assets $ 2,476,879   $ 2,417,427  
 
Liabilities and stockholders' equity
Current liabilities
Accounts payable $ 453,710 $ 447,412
Accrued salaries, benefits and other 130,187 127,122
Customer deposits 294,276 296,827
Income taxes payable 23,245 67,052
Other liabilities   59,838     58,014  
Total current liabilities   961,256     996,427  
 
Deferred rent and lease incentives 196,188 173,061
Other long-term obligations   71,215     49,713  
Total liabilities   1,228,659     1,219,201  
 
 
Stockholders’ equity

Preferred stock: $.01 par value; 7,500 shares authorized;
  none issued

- -

Common stock: $.01 par value; 253,125 shares authorized;
  87,325 and 89,563 shares issued and outstanding
  at January 29, 2017 and January 31, 2016, respectively

873 896
Additional paid-in capital 556,928 541,307
Retained earnings 701,702 668,545
Accumulated other comprehensive loss (9,903 ) (10,616 )
Treasury stock, at cost   (1,380 )   (1,906 )
Total stockholders’ equity   1,248,220     1,198,226  
   
Total liabilities and stockholders' equity $ 2,476,879   $ 2,417,427  
 
Williams-Sonoma, Inc.
Condensed Consolidated Statements of Cash Flows (unaudited)
Fifty-two weeks ended January 29, 2017 and January 31, 2016
(Dollars in thousands)
 
          Year-to-Date
             
2016 2015
Cash flows from operating activities
Net earnings $ 305,387 $ 310,068
 
Adjustments to reconcile net earnings to net cash
provided by (used in) operating activities:
Depreciation and amortization 173,195 167,760
Loss on disposal/impairment of assets 3,806 4,339
Amortization of deferred lease incentives (25,212 ) (24,721 )
Deferred income taxes 7,114 (7,436 )
Tax benefit related to stock-based awards 3,230 14,592
Excess tax benefit related to stock-based awards (4,894 ) (14,494 )
Stock-based compensation expense 51,116 41,357
Other (423 ) 149
 
Changes in:
Accounts receivable (9,794 ) (12,849 )
Merchandise inventories 4,493 (92,647 )
Prepaid catalog expenses 5,294 5,022
Prepaid expenses and other assets (6,367 ) (9,245 )
Accounts payable 3,169 60,507
Accrued salaries, benefits and other liabilities 25,876 (135 )
Customer deposits (3,037 ) 35,877
Deferred rent and lease incentives 35,559 31,334
Income taxes payable   (43,803 )   34,548  
Net cash provided by operating activities   524,709     544,026  
 
Cash flows from investing activities:
Purchases of property and equipment (197,414 ) (202,935 )
Other   439     769  
Net cash used in investing activities   (196,975 )   (202,166 )
 
Cash flows from financing activities:
Repurchase of common stock (151,272 ) (224,995 )
Payment of dividends (133,539 ) (127,636 )
Borrowings under revolving line of credit 125,000 200,000
Repayments of borrowings under revolving line of credit (125,000 ) (200,000 )
Tax withholdings related to stock-based awards (27,062 ) (31,790 )
Excess tax benefit related to stock-based awards 4,894 14,494
Proceeds related to stock-based awards 1,532 2,647
Repayment of long-term obligations - (1,968 )
Other   (359 )   (135 )
Net cash used in financing activities   (305,806 )   (369,383 )
 
Effect of exchange rates on cash and cash equivalents (1,862 ) (1,757 )
Net increase (decrease) in cash and cash equivalents 20,066 (29,280 )
Cash and cash equivalents at beginning of period   193,647     222,927  
Cash and cash equivalents at end of period $ 213,713   $ 193,647  
               
Exhibit 1

Reconciliation of 4th Quarter and Fiscal Year Actual GAAP to Non-GAAP Operating Margin By Segment*

($ in thousands)

 
      E-commerce Retail

 

Unallocated

Total
      Q4 16     Q4 15 Q4 16    

Q4 15

 

Q4 16

     Q4 15 Q4 16     Q4 15
Net Revenues $ 808,942     $ 791,903 $ 772,639    

$

794,401

 

$

-

    $ - $ 1,581,581     $ 1,586,304
Operating Income/(Expense)       191,845         174,218     121,507        

121,446

 

 

 

(97,533

)

      (72,984 )   215,819         222,680  
Operating Margin       23.7 %       22.0 %   15.7 %      

15.3

%

 

 

(6.2

%)

       (4.6 %)   13.6 %       14.0 %
 
 
      E-commerce Retail   Unallocated Total
      FY 16     FY 15 FY 16     FY 15   FY 16     FY 15 FY 16     FY 15
Net Revenues $ 2,633,602 $ 2,522,580 $ 2,450,210 $ 2,453,510 $ - $ - $ 5,083,812 $ 4,976,090
GAAP Operating Income/(Expense)       606,286         562,081     231,929         239,288       (365,616 )       (312,735 )   472,599         488,634  
GAAP Operating Margin       23.0 %       22.3 %   9.5 %       9.8 %     (7.2 %)       (6.3 %)   9.3 %       9.8 %

Severance-related Reorganization
Charges(1)

       -         -     -         -       14,406         -     14,406         -  

Non-GAAP Operating Income/
(Expense) Excluding Severance-
related Reorganization Charges(3)

     $ 606,286       $ 562,081   $ 231,929       $ 239,288     $ (351,210 )     $ (312,735 ) $ 487,005       $ 488,634  
Non-GAAP Operating Margin(3)       23.0 %       22.3 %   9.5 %       9.8 %     (6.9 %)       (6.3 %)   9.6 %       9.8 %

*  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.

             

Reconciliation of 4th Quarter and Fiscal Year Actual GAAP to Non-GAAP Effective Tax Rate

($ in thousands)

                   
            Q4 16     Q4 15     FY 16     FY 15
Earnings Before Income Taxes $ 215,718     $ 222,678 $ 471,911     $   488,007
GAAP Income Taxes             71,091         81,550         166,524           177,939  
GAAP Effective Tax Rate             33.0 %       36.6 %       35.3 %         36.5 %
 
One-time Favorable Tax Adjustment(2)             7,681         -         7,681           -  
Non-GAAP Income Taxes Excluding Tax Adjustment(3)           $ 78,772       $ 81,550       $ 174,205       $   177,939  
Non-GAAP Effective Tax Rate(3)             36.5 %       36.6 %       36.9 %         36.5 %
                                       
Reconciliation of Quarterly and Fiscal Year GAAP to Non-GAAP
Diluted Earnings Per Share**
(Totals rounded to the nearest cent per diluted share)
                                                   
         

Q1 16
ACT

        

Q2 16
ACT

        

Q3 16
ACT

        

Q4 16
ACT

        

FY 16
ACT

2016 GAAP Diluted EPS         $0.44         $0.58         $0.78         $1.63         $3.41
Impact of Severance-related Reorganization Charges(1)         $0.09         -         $0.01         -         $0.10
One-time Favorable Tax Adjustment(2)        

-

       

-

       

-

        ($0.08)         ($0.08)

2016 Non-GAAP Diluted EPS Excluding Severance-
related Reorganization Charges and Tax
Adjustment(3)

         $0.53         $0.58         $0.79         $1.55         $3.43
 
                                                   
         

Q1 15
ACT

        

Q2 15
ACT

        

Q3 15
ACT

        

Q4 15
ACT

        

FY 15
ACT

2015 GAAP Diluted EPS         $0.48         $0.58         $0.77         $1.55         $3.37

** Due to the differences between the quarterly and year-to-date weighted average share count calculations and rounding to the nearest cent per diluted share, totals may not equal the sum of the line items and fiscal year diluted EPS may not equal the sum of the quarters.

Notes:

(1)

 

Impact of Severance-related Reorganization Charges – During Q1 16 and Q3 16, we incurred severance-related reorganization charges due to headcount reduction primarily in our corporate functions totaling approximately $14 million, or $0.10 per diluted share. These charges were recorded as SG&A expense within the unallocated segment.

(2)

Impact of One-time Favorable Tax Adjustment – During Q4 16 we incurred a benefit of approximately $8M, or $0.08 per diluted share, related to tax adjustments associated with intercompany transactions.

(3)

SEC Regulation G – Non-GAAP Information – These tables include non-GAAP operating income, operating margin, income taxes, effective tax rate 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 and FY 16 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.

       

Store Statistics

Store Count

Avg. Leased Square Footage
Per Store

 

        Oct. 30, 2016     Openings     Closings     Jan. 29, 2017     Jan. 31, 2016 Jan. 29, 2017         Jan. 31, 2016
Williams Sonoma         241     2     (9)     234     239 6,600         6,600
Pottery Barn 202 1 (2) 201 197 13,900 13,800
Pottery Barn Kids 89 1 (1) 89 89 7,400 7,500
West Elm 97 1 - 98 87 13,300 13,200
Rejuvenation         6     1     -     7     6 9,100         9,000
Total         635     6     (12)     629     618 10,100         10,000
                                                                   
Oct. 30, 2016 Jan. 29, 2017 Jan. 31, 2016
Total store selling square footage 3,966,000 3,951,000 3,827,000
Total store leased square footage 6,381,000 6,359,000 6,163,000