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Williams-Sonoma, Inc. — Investing Through the Downturn

On August 23, Williams-Sonoma, Inc. (WSM) reported second-quarter FY2023 net revenue of $1.863 billion, down 12.9% from a year earlier. Comparable brand revenue fell 11.9%. Yet the company reported a 14.6% operating margin, held $514.4 million in cash, and had reduced inventory 16% year over year. Read case