Shares of Williams-Sonoma Inc. rallied more than 10% in the extended session Wednesday after the retailer reported quarterly profit above expectations and raised its dividend. Williams-Sonoma said it earned $403 million, or $5.41 a share, in the fourth quarter, compared with $309 million, or $3.92 a share, in the year-ago quarter. Revenue rose to $2.5 billion, from $2.3 billion a year ago. Adjusted for one-time items, the company earned $5.42 a share. FactSet consensus called for adjusted earnings of $4.82 a share on sales of $2.6 billion. "These results reflect the resilience in our business model, as we successfully navigated unprecedented challenges within the supply chain, material and labor shortages, and capacity limitations from our incredible consumer demand," Chief Executive Laura Alber said in a statement. The company said it expects a fiscal 2022 financial performance "in line with our long-term financial guidance of mid-to-high single digit annual net revenue growth, increasing revenues to $10 billion by fiscal year 2024," as well as operating margins "relatively in-line with our fiscal year 2021 operating margin." Separately, the retailer said its board has authorized a 10% dividend increase to 78 cents a share, payable on May 27, and also has approved a new $1.5 billion stock buyback program, superseding the about $750 million that remains outstanding under the company's current stock repurchase authorization. The moves were thanks to an "impressive finish to fiscal 2021, our strong liquidity position, and our operating cash flows," the company said. Williams-Sonoma stock ended the regular trading day up 2.7%.
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