Williams-Sonoma (WSM) official guidance

Our capital expenditure guidance is unchanged. We expect to spend approximately $275 million in capital expenditures for the year.

We expect to spend approximately $275 million in capital expenditures in fiscal year 2026.

About 95% of that investment will be focused on e-commerce, retail, and supply chain.

We expect our full-year interest income to be approximately $25 million, and our full-year effective tax rate to be approximately 25.5%.

For fiscal 2026, we expect annual interest income to be approximately $25 million and our effective tax rate to be approximately 25.5%.

We expect our full-year interest income to be approximately $25 million, and our full-year effective tax rate to be approximately 25.5%.

For fiscal 2026, we expect annual interest income to be approximately $25 million and our effective tax rate to be approximately 25.5%.

We expect operating margin to be in the range of 17.5%-18.1%.

In fiscal 2026, we expect annual net revenues in the range of +2.7% to +6.7%, with comps in the range of +2.0% to +6.0%; and an operating margin between 17.5% to 18.1%.

We expect operating margin to be in the range of 17.5%-18.1%.

In fiscal 2026, we expect annual net revenues in the range of +2.7% to +6.7%, with comps in the range of +2.0% to +6.0%; and an operating margin between 17.5% to 18.1%.

In fiscal 2026, we now expect annual net revenues in the range of +4.7% to +7.2%, with comps in the range of +4.0% to +6.5%; and an operating margin, on a non-GAAP basis, between 17.8% to 18.2%.

We expect fiscal year 2026 net revenue comps to be in the range of 2%-6%, with total net revenue growth of 2.7%-6.7%.

In fiscal 2026, we expect annual net revenues in the range of +2.7% to +6.7%, with comps in the range of +2.0% to +6.0%; and an operating margin between 17.5% to 18.1%.

Allowing for all the uncertainties we know are out there and that we've discussed, we are guiding comp brand revenue growth of 2%-6% with a midpoint of 4%, and an operating margin in the range of 17.5%-18.1% with a midpoint of 17.8%.

In fiscal 2026, we expect annual net revenues in the range of +2.7% to +6.7%, with comps in the range of +2.0% to +6.0%; and an operating margin between 17.5% to 18.1%.

Embedded in our fiscal year 2026 guidance continues to be approximately 70 basis points of non-comp growth from our investment in retail.

In fiscal 2026, we now expect annual net revenues in the range of +4.7% to +7.2%, with comps in the range of +4.0% to +6.5%; and an operating margin, on a non-GAAP basis, between 17.8% to 18.2%.

We expect fiscal year 2026 net revenue comps to be in the range of 2%-6%, with total net revenue growth of 2.7%-6.7%.

In fiscal 2026, we expect annual net revenues in the range of +2.7% to +6.7%, with comps in the range of +2.0% to +6.0%; and an operating margin between 17.5% to 18.1%.

We expect fiscal year 2026 net revenue comps to be in the range of 2%-6%, with total net revenue growth of 2.7%-6.7%.

In fiscal 2026, we expect annual net revenues in the range of +2.7% to +6.7%, with comps in the range of +2.0% to +6.0%; and an operating margin between 17.5% to 18.1%.

With regards to our investment in retail, we continue to expect our year-end store count to be essentially flat to last year, after which we anticipate 1%-3% growth in store count each year starting in fiscal year 2027.

We expect to end fiscal year 2026 with approximately the same store count as we ended fiscal year 2025 due to store closures.

With regards to our investment in retail, we continue to expect our year-end store count to be essentially flat to last year, after which we anticipate 1%-3% growth in store count each year starting in fiscal year 2027.

The strength in the brand and at retail gives us confidence to return to store count growth with five openings planned in 2026.

Second, we expect to open 20 new stores in fiscal year 2026, primarily across West Elm, Williams-Sonoma, Pottery Barn Kids, Rejuvenation, and our first two GreenRow locations.