Pottery Barn 2009 Annual Report Download - page 7

committed to returning excess cash to our shareholders and are pleased to have recently announced an 8%
increase in our quarterly cash dividend to $0.13 per common share for a total annual payout of approximately
$56 million.
A Vision for the Future
As I approach my retirement in May, I could not be more encouraged about our future. Though each of our
brands brings innovative, quality products to our customers, the whole is greater than the sum of the parts and in
this environment that is a very significant competitive advantage. Together, the brands fulfill the promise of
furnishing every corner of our customers’ homes. As such, we are increasingly confident in our competitive
positioning and our ability to generate long-term value for our shareholders. Our brands remain relevant and are
trusted sources for our customers. But more than anything else, my confidence is rooted in our 26,000 associates.
They are passionate, determined and committed to providing our customers with world-class service. And they
are led by an incredible leadership team that has worked together for over a decade and has over 80 years of
combined experience at our company. I continue to be amazed by the creativity and entrepreneurship that lives
within our culture and have complete confidence that the company will continue to thrive under the leadership
team headed by our new CEO, Laura Alber.
Reflecting on the Past
It has been my sincere privilege and honor to lead Williams-Sonoma, Inc. for the past 31 years. From the first
time I met Chuck Williams, our Founder, I knew this was a special place where dreams abound. We started with
a handful of stores and a small catalog. We have seen our dreams grow into six brands, over 600 stores, seven
catalogs, and one of the largest e-commerce businesses in the country. I believe we are successful because we
understand that people love their homes and that their homes are very much a reflection of who they are. We also
understand that our responsibility goes far beyond the products we sell. So many important events in our
customers’ lives take place in their homes, and our job is to delight them with our service and help them create
those lifelong memories. I am always amazed and gratified by how deeply this sense of responsibility lives
within our culture and couldn’t be more proud – or certain – that it is core to our Williams-Sonoma family
values.
In closing in my final letter, I would like to thank you, our shareholders, for your confidence and continued
support over all of these years. I would also like to offer my sincere thanks to our associates, vendors and
customers for their continuing dedication to our company and the fulfillment of the dream. It has been, and will
continue to be, a remarkable journey.
W. Howard Lester
Chairman of the Board of Directors and Chief Executive Officer
This letter contains forward-looking statements. Please see the section titled “Forward-Looking Statements” on
page 1 of our Annual Report on Form 10-K for the fiscal year ended January 31, 2010, which is part of this
Annual Report to Shareholders, for important cautionary language regarding these statements.
Shareholders’ Letter