Pottery Barn 2014 Annual Report Download - page 20

“potterybarnkids.com,” “pbteen.com,” “westelm.com,” “wshome.com,” “williams-sonomainc.com,”
“rejuvenation.com” and “markandgraham.com.” Collectively, the trademarks, copyrights, trade dress rights and
domain names that we hold are of material importance to us.
AVAILABLE INFORMATION
We file annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, proxy and
information statements and amendments to reports filed or furnished pursuant to Sections 13(a), 14 and 15(d) of
the Securities Exchange Act of 1934, as amended. The public may read and copy these materials at the SEC’s
Public Reference Room at 100 F Street, N.E., Washington, D.C. 20549-0213. The public may obtain information
on the operation of the Public Reference Room by calling the SEC at 1-800-SEC-0330. The SEC also maintains a
website at www.sec.gov that contains reports, proxy and information statements and other information regarding
Williams-Sonoma, Inc. and other companies that file materials electronically with the SEC. Our annual reports,
Forms 10-K, Forms 10-Q, Forms 8-K and proxy and information statements are also available, free of charge, on
our website at www.williams-sonomainc.com.
ITEM 1A.RISK FACTORS
A description of the risks and uncertainties associated with our business is set forth below. You should carefully
consider such risks and uncertainties, together with the other information contained in this report and in our other
public filings. If any of such risks and uncertainties actually occurs, our business, financial condition or operating
results could differ materially from the plans, projections and other forward-looking statements included in the
section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and
elsewhere in this report and in our other public filings. In addition, if any of the following risks and uncertainties,
or if any other risks and uncertainties, actually occurs, our business, financial condition or operating results could
be harmed substantially, which could cause the market price of our stock to decline, perhaps significantly.
Declines in general economic conditions, and the resulting impact on consumer confidence and consumer
spending, could adversely impact our results of operations.
Our financial performance is subject to declines in general economic conditions and the impact of such economic
conditions on levels of consumer confidence and consumer spending. Consumer confidence and consumer
spending may deteriorate significantly, and could remain depressed for an extended period of time. Consumer
purchases of discretionary items, including our merchandise, generally decline during periods when disposable
income is limited, unemployment rates increase or there is economic uncertainty. An uncertain economic
environment could also cause our vendors to go out of business or our banks to discontinue lending to us or our
vendors, or it could cause us to undergo restructurings, any of which would adversely impact our business and
operating results.
We are unable to control many of the factors affecting consumer spending, and declines in consumer spending on
home furnishings and kitchen products in general could reduce demand for our products.
Our business depends on consumer demand for our products and, consequently, is sensitive to a number of
factors that influence consumer spending, including general economic conditions, consumer disposable income,
fuel prices, recession and fears of recession, unemployment, war and fears of war, inclement weather, availability
of consumer credit, consumer debt levels, conditions in the housing market, interest rates, sales tax rates and rate
increases, inflation, consumer confidence in future economic conditions and political conditions, and consumer
perceptions of personal well-being and security. In particular, past economic downturns have led to decreased
discretionary spending, which adversely impacted our business. In addition, periods of decreased home purchases
typically lead to decreased consumer spending on home products. These factors have affected, and may in the
future affect, our various brands and channels differently. Adverse changes in factors affecting discretionary
consumer spending have reduced and may in the future reduce consumer demand for our products, thus reducing
our sales and harming our business and operating results.
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