Williams reports decline in sales
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Home goods retailer Williams-Sonoma Inc. reported a decline in its holiday same-store sales and gave a weak outlook for the current quarter and upcoming fiscal year, sending its shares down as much as 13%.
The owner of the Williams-Sonoma, Pottery Barn and West Elm chains said sales at stores open at least a year fell 0.4% in the nine weeks ended Dec. 30 compared with the previous year, hurt by weak demand for home furnishings.
Revenue for the period rose to $1.02 billion from $977.8 million a year earlier, but the increase was lower than had been expected.
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