Williams-Sonoma, Inc. (NYSE:WSM) Q3 2022 Results Conference Call November 17, 2022 5:00 PM ET
Company Participants
Jeremy Brooks - Chief Accounting Officer and Head IR
Laura Alber - President and CEO
Jeff Howie - CFO
Conference Call Participants
Peter Benedict - Baird
Steve Shemesh - RBC Capital Markets
Cristina Fernández - Telsey Advisory Group
Adrienne Yih - Barclays
Anthony Chukumba - Loop Capital
Max Rakhlenko - Cowen
Oliver Wintermantel - Evercore
Steven Zaccone - Citi
Chuck Grom - Gordon Haskett
Seth Basham - Wedbush Securities
Brad Thomas - KeyBanc
Operator
Welcome to the Williams-Sonoma Third Quarter 2022 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the conclusion of the prepared remarks.
I would now like to turn the call over to Jeremy Brooks, Chief Accounting Officer and Head of Investor Relations. Please go ahead.
Jeremy Brooks
Good afternoon, and thank you for joining our third quarter earnings call.
I'd like to remind you that during the call, we will make forward-looking statements with respect to future events and financial performance, including guidance for fiscal '22. We believe these statements reflect our best estimates. However, we cannot make any assurances that these statements will materialize, and actual results may differ significantly from our expectations. The company undertakes no obligation to publicly update or revise any of these statements to reflect events or circumstances that may arise after today's call.
Additionally, we will refer to certain non-GAAP financial measures. These measures should not be considered replacements for and should be read together with our GAAP results. A reconciliation of non-GAAP measures to the most directly comparable GAAP measures appears in Exhibit 1 to the press release we issued earlier today. The call should also be considered in conjunction with our filings with the SEC. Finally, a replay will be available on our Investor Relations website.
Now, I'd like to turn the call over to Laura Alber, our President and Chief Executive Officer.
Laura Alber
Thank you, Jeremy, and good afternoon, everyone. We are proud of another strong quarter, generating an 8.1% comp or 25% on a two-year basis and 50% comp growth on a three-year basis, with record EPS growth of 12% over last year to $3.72 per share. These results reflect the continuation of backlog order fulfillment, strong product margins and disciplined cost control. Demand comps for the quarter were slightly negative.