By Christiana Sciaudone
Investing.com -- Williams-Sonoma (NYSE:WSM) soared to an all-time high after upping its dividend and saying revenue goals will be reached more quickly than expected.
The home goods retailer reported its most profitable quarter yet, with comparable brand revenue growth up 26% for the fourth quarter. Net income of $3.95 a share compared to the expected $3.36 a share on sales of $2.29 billion, also a record, according to data compiled by Investing.com.
The retailer has been among the beneficiaries of the pandemic-led shutdowns, with many of us returning to our kitchens as restaurants closed. Williams-Sonoma expects the trend to continue, saying it is on an "accelerated" path to $10 billion in net revenue within five years.
Shares are up some 18%, to a record. Morgan Stanley (NYSE:MS), JPMorgan (NYSE:JPM) and Barclays (LON:BARC) are among the numerous firms that upped their price targets on the stock.
The company raised its quarterly dividend by 11.3% as it expects the fiscal year to be in line with long-term financial guidance of mid-to-high single digit net revenue growth and year-over-year non-GAAP operating margin expansion.