Exhibit 99.2
| | |
| | CONTACT: |
| | Julie Whalen |
| | EVP, Chief Financial Officer |
| | (415)616-8524 |
| |
| | Elise Wang |
| | Vice President, Investor Relations |
| | (415)616-8571 |
PRESS RELEASE
Williams-Sonoma, Inc. announces 11.6% dividend increase
and stock repurchase authorization increase of $500 million
San Francisco, CA, March 20, 2019 – Williams-Sonoma, Inc. (NYSE: WSM) announced today that its Board of Directors has authorized an 11.6 % increase in the company’s quarterly cash dividend to $0.48 per share. The quarterly dividend is payable on May 31, 2019, to stockholders of record as of the close of business on April 26, 2019. Additionally, the Board of Directors increased the amount available for repurchases under the company’s existing stock repurchase program by $500 million.
Laura Alber, President and Chief Executive Officer, commented, “Our decision to increase our dividend and stock repurchase authorization reflects our confidence in our multi-channel, multi-brand model and our strong cash flow generation. This also demonstrates our commitment to maximizing returns to shareholders.”
The increase to the stock repurchase program is effective as of March 20, 2019, and results in approximately $710 million 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 an accelerated repurchase program, 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. 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: the timing and amounts of our quarterly cash dividends; the timing and amounts of our stock repurchase program; our commitment to return capital to stockholders and maximize stockholder returns; our multi-channel, multi-brand model; and our ability to generate cash.
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 18 and as auditedyear-end financial statements are finalized; 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
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