Williams-Sonoma, Inc. announces a 26% quarterly dividend increase and a new $1 billion stock repurchase authorization

Williams-Sonoma, Inc. (NYSE: WSM) announced today that its Board of Directors has authorized a 26% increase in the company’s quarterly cash dividend to $1.13 per common share. The quarterly dividend is payable on May 24, 2024, to stockholders of record as of the close of business on April 19, 2024. The Board of Directors also approved a new $1 billion stock repurchase authorization, which supersedes the company’s current stock repurchase authorization.

“After our strong finish to 2023, we are proud to be positioned to increase our quarterly dividend 26% and expand our stock repurchase program to $1 billion,” said Laura Alber, President and Chief Executive Officer. “These actions reflect our on-going commitment to maximize shareholder value and deliver returns to our shareholders.”

“We are proud of our fifteen consecutive years of increased dividend payouts,” added Jeff Howie, Chief Financial Officer. “Over the last six years, we have returned over $3.7 billion to shareholders through dividends and share repurchases. Our consistent profitability, coupled with our strong cash flows, have positioned us to provide these returns to our shareholders.”

This new stock repurchase authorization is effective as of March 14, 2024, and results in $1 billion available for future repurchases under the company’s stock repurchase authorization. The company’s stock repurchase program authorizes the purchase of the company’s common stock through open market and privately negotiated transactions, including through Rule 10b5-1 plans, at such 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. The stock repurchase program does not have an expiration date and may be limited or terminated at any time without prior notice.

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 quarterly cash dividend; our stock repurchase program; our ability to continue to return capital to stockholders and maximize stockholder returns; and our long-term outlook.