Williams Sonoma Inc 10-K for FY2020

Williams Sonoma Inc (WSM)

10-K 2020-03-27 For: 2020-02-02

Added on April 04, 2026

About this 10-K

Williams Sonoma Inc filed this 10-K on March 27, 2020, covering the fiscal year ended February 2, 2020 (FY2020).

Headline figures

Fiscal year ended February 2, 2020, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $5.9B; up 4.0% from $5.67B a year earlier
Net income: $356.06M; up 6.7% from net income of $333.68M a year earlier
Diluted EPS: $4.49; up 10.9% from $4.05 a year earlier

Search and read filings like this one from Claude or ChatGPT with the SEC filings MCP server →


Delaware		94-2203880
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

3250 Van Ness Avenue, San Francisco, CA		94109
(Address of principal executive offices)		(Zip Code)


Title of each class:	Trading Symbol(s):	Name of each exchange on which registered:
Common Stock, par value $.01 per share	WSM	New York Stock Exchange, Inc.


		PAGE
	PART I
Item 1.	Business		3
Item 1A.	Risk Factors		6
Item 1B.	Unresolved Staff Comments		24
Item 2.	Properties		24
Item 3.	Legal Proceedings		25
Item 4.	Mine Safety Disclosures		26

	PART II
Item 5.	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities		27
Item 6.	Selected Financial Data		29
Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations		30
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk		40
Item 8.	Financial Statements and Supplementary Data		41
Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure		68
Item 9A.	Controls and Procedures		68
Item 9B.	Other Information		69

	PART III
Item 10.	Directors, Executive Officers and Corporate Governance		70
Item 11.	Executive Compensation		70
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters		70
Item 13.	Certain Relationships and Related Transactions, and Director Independence		70
Item 14.	Principal Accountant Fees and Services		70

	PART IV
Item 15.	Exhibits and Financial Statement Schedules		71
Item 16.	Form 10-K Summary		76


Location	Occupied Square Footage (Approximate)
Distribution and Manufacturing Facilities
Mississippi		2,165,000
New Jersey		2,103,000
California		2,030,000
Georgia		1,075,000
Texas		1,064,000
Tennessee		603,000
North Carolina		442,000
Ohio		265,000
Massachusetts		140,000
Florida		135,000
Oregon		91,000
Colorado		80,000

Corporate Facilities
California		269,000
New York		238,000
Oregon		49,000

Customer Care Centers
Nevada		36,000
Other		32,000


	2/1/15	1/31/16	1/29/17	1/28/18	2/3/19	2/2/20
Williams-Sonoma, Inc.	100.00	67.37	63.72	73.87	77.06	102.95
NYSE Composite Index	100.00	93.70	112.69	139.56	129.47	146.66
S&P Retailing	100.00	118.07	140.98	203.43	210.40	253.71


Fiscal period		Total Number of Shares Purchased 1	Average Price Paid Per Share	Total Number of Shares Purchased as Part of a Publicly Announced Program 1	Maximum Dollar Value of Shares That May Yet Be Purchased Under the Program
November 4, 2019	– December 1, 2019	160,918	$ 69.90	160,918	$ 599,853,000
December 2, 2019	– December 29, 2019	158,780	$ 70.85	158,780	$ 588,604,000
December 30, 2019	– February 2, 2020	183,262	$ 74.33	183,262	$ 574,982,000
Total		502,960	$ 71.81	502,960	$ 574,982,000


In thousands, except percentages, per share amounts and retail stores data	Fiscal 2019 (52 Weeks)		Fiscal 2018 1 (53 Weeks)		Fiscal 2017 (52 Weeks)		Fiscal 2016 (52 Weeks)		Fiscal 2015 (52 Weeks)
Results of Operations
Net revenues	$	5,898,008	$	5,671,593	$	5,292,359	$	5,083,812	$	4,976,090
Net revenue growth		4.0%		7.2%		4.1%		2.2%		5.9%
Comparable brand revenue growth 2		6.0%		3.7%		3.2%		0.7%		3.7%
Gross profit	$	2,139,092	$	2,101,013	$	1,931,711	$	1,883,310	$	1,844,214
Gross margin		36.3%		37.0%		36.5%		37.0%		37.1%
Operating income	$	465,874	$	435,953	$	453,811	$	472,599	$	488,634
Operating margin 3		7.9%		7.7%		8.6%		9.3%		9.8%
Net earnings	$	356,062	$	333,684	$	259,545	$	305,387	$	310,068
Basic earnings per share	$	4.56	$	4.10	$	3.03	$	3.45	$	3.42
Diluted earnings per share	$	4.49	$	4.05	$	3.02	$	3.41	$	3.37
Shares used in calculation of earnings per share: Basic		78,108		81,420		85,592		88,594		90,787
Diluted		79,225		82,340		86,080		89,462		92,102
Financial Position
Working capital 4	$	146,080	$	619,531	$	628,622	$	405,924	$	339,673
Total assets 4	$	4,054,042	$	2,812,844	$	2,785,749	$	2,476,879	$	2,417,427
Return on assets 4		10.4%		11.9%		9.9%		12.5%		13.1%
Net cash provided by operating activities	$	607,294	$	585,986	$	499,704	$	524,709	$	544,026
Capital expenditures	$	186,276	$	190,102	$	189,712	$	197,414	$	202,935
Long-term debt and other long-term liabilities 4	$	1,180,968	$	380,944	$	372,226	$	71,215	$	49,713
Stockholders’ equity	$	1,235,860	$	1,155,714	$	1,203,566	$	1,248,220	$	1,198,226
Stockholders’ equity per share (book value)	$	16.02	$	14.66	$	14.37	$	14.29	$	13.38
Return on equity		29.8%		28.3%		21.2%		25.0%		25.6%
Annual dividends declared per share	$	1.92	$	1.72	$	1.56	$	1.48	$	1.40
Number of stores at year-end		614		625		631		629		618
Store selling square footage at year-end		4,129,000		4,105,000		4,019,000		3,951,000		3,827,000
Store leased square footage at year-end		6,558,000		6,557,000		6,451,000		6,359,000		6,163,000


In thousands	Fiscal 2019 (52 Weeks)		Fiscal 2018 (53 Weeks)
Pottery Barn	$	2,214,397	$	2,177,344
West Elm		1,466,537		1,292,928
Williams Sonoma		1,032,368		1,056,125
Pottery Barn Kids and Teen		908,561		895,762
Other 1		276,145		249,434
Total	$	5,898,008	$	5,671,593


Comparable brand revenue growth 1	Fiscal 2019 (52 Weeks)		Fiscal 2018 (53 Weeks)
Pottery Barn		4.1%		1.2%
West Elm		14.4%		9.5%
Williams Sonoma		0.4%		1.7%
Pottery Barn Kids and Teen		4.5%		2.8%
Total 2		6.0%		3.7%


	Fiscal 2019				Fiscal 2018
	Store Count		Avg. LSF Per Store		Store Count		Avg. LSF Per Store
Williams Sonoma		211		6,900		220		6,900
Pottery Barn		201		14,400		205		14,200
West Elm		118		13,100		112		13,100
Pottery Barn Kids		74		7,700		78		7,500
Rejuvenation		10		8,500		10		8,500
Total		614		10,700		625		10,500


In thousands	Fiscal 2019 (52 Weeks)		% Net Revenues		Fiscal 2018 (53 Weeks)		% Net Revenues
Cost of goods sold 1	$	3,758,916		63.7%	$	3,570,580		63.0%


In thousands	Fiscal 2019 (52 weeks)		% Net Revenues		Fiscal 2018 (53 weeks)		% Net Revenues
Selling, general and administrative expenses	$	1,673,218		28.4%	$	1,665,060		29.4%


	Payments Due by Period 1
In thousands	Fiscal 2020		Fiscal 2021 to Fiscal 2023		Fiscal 2024 to Fiscal 2025		Thereafter		Total
Current debt 2	$	300,000	$	—	$	—	$	—	$	300,000
Interest		9,634		—		—		—		9,634
Operating leases 3		281,995		637,867		284,461		333,413		1,537,736
Purchase obligations 4		857,106		28,420		83		—		885,609
Total	$	1,448,735	$	666,287	$	284,544	$	333,413	$	2,732,979


	Amount of Outstanding Commitment Expiration by Period 1
In thousands	Fiscal 2020		Fiscal 2021 to Fiscal 2023		Fiscal 2024 to Fiscal 2025		Thereafter		Total
Standby letters of credit	$	12,187	$	—	$	—	$	—	$	12,187
Letter of credit facilities		6,462		—		—		—		6,462
Total	$	18,649	$	—	$	—	$	—	$	18,649


In thousands, except per share amounts	Fiscal 2019 (52 weeks)		Fiscal 2018 (53 weeks)		Fiscal 2017 (52 weeks)
Net revenues	$	5,898,008	$	5,671,593	$	5,292,359
Cost of goods sold		3,758,916		3,570,580		3,360,648
Gross profit		2,139,092		2,101,013		1,931,711
Selling, general and administrative expenses		1,673,218		1,665,060		1,477,900
Operating income		465,874		435,953		453,811
Interest (income) expense, net		8,853		6,706		1,372
Earnings before income taxes		457,021		429,247		452,439
Income taxes		100,959		95,563		192,894
Net earnings	$	356,062	$	333,684	$	259,545
Basic earnings per share	$	4.56	$	4.10	$	3.03
Diluted earnings per share	$	4.49	$	4.05	$	3.02
Shares used in calculation of earnings per share:
Basic		78,108		81,420		85,592
Diluted		79,225		82,340		86,080



In thousands, except per share amounts	Feb. 2, 2020			Feb. 3, 2019
ASSETS
Current assets
Cash and cash equivalents	$	432,162		$	338,954
Accounts receivable, net		111,737			107,102
Merchandise inventories, net		1,100,544			1,124,992
Prepaid expenses		90,426			101,356
Other current assets		20,766			21,939
Total current assets		1,755,635			1,694,343
Property and equipment, net		929,038			929,635
Operating lease right-of-use assets		1,166,383			—
Deferred income taxes, net		47,977			44,055
Goodwill		85,343			85,382
Other long-term assets, net		69,666			59,429
Total assets	$	4,054,042		$	2,812,844
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable	$	521,235		$	526,702
Accrued expenses		175,003			163,559
Gift card and other deferred revenue		289,613			290,445
Income taxes payable		22,501			21,461
Current debt		299,818			—
Operating lease liabilities		227,923			—
Other current liabilities		73,462			72,645
Total current liabilities		1,609,555			1,074,812
Deferred rent and lease incentives		27,659			201,374
Long-term debt		—			299,620
Long-term operating lease liabilities		1,094,579			—
Other long-term liabilities		86,389			81,324
Total liabilities		2,818,182			1,657,130
Commitments and contingencies – See Note I
Stockholders’ equity
Preferred stock: $.01 par value; 7,500 shares authorized; none issued		—			—
Common stock: $.01 par value; 253,125 shares authorized; 77,137 and 78,813 shares issued and outstanding at February 2, 2020 and February 3, 2019, respectively		772			789
Additional paid-in capital		605,822			581,900
Retained earnings		644,794			584,333
Accumulated other comprehensive loss		(14,587	)		(11,073	)
Treasury stock – at cost: 14 and 2 shares as of February 2, 2020 and February 3, 2019, respectively		(941	)		(235	)
Total stockholders’ equity		1,235,860			1,155,714
Total liabilities and stockholders’ equity	$	4,054,042		$	2,812,844


	Common Stock						Additional Paid-in Capital			Retained Earnings			Accumulated Other Comprehensive Income (Loss)			Treasury Stock			Total Stockholders’ Equity
In thousands	Shares			Amount			Additional Paid-in Capital			Retained Earnings			Accumulated Other Comprehensive Income (Loss)			Treasury Stock			Total Stockholders’ Equity
Balance at January 29, 2017		87,325		$	873		$	556,928		$	701,702		$	(9,903	)	$	(1,380	)	$	1,248,220

Net earnings		—			—			—			259,545			—			—			259,545
Foreign currency translation adjustments		—			—			—			—			3,730			—			3,730
Change in fair value of derivative financial instruments, net of tax		—			—			—			—			(715	)		—			(715	)
Reclassification adjustment for realized (gain) loss on derivative financial instruments, net of tax		—			—			—			—			106			—			106
Conversion/release of stock-based awards 1		452			5			(17,810	)		—			—			(325	)		(18,130	)
Repurchases of common stock		(4,051	)		(41	)		(18,518	)		(177,620	)		—			—			(196,179	)
Reissuance of treasury stock under stock-based compensation plans 1		—			—			(554	)		(426	)		—			980			—
Stock-based compensation expense		—			—			42,768			—			—			—			42,768
Dividends declared		—			—			—			(135,779	)		—			—			(135,779	)
Balance at January 28, 2018		83,726			837			562,814			647,422			(6,782	)		(725	)		1,203,566

Net earnings		—			—			—			333,684			—			—			333,684
Foreign currency translation adjustments		—			—			—			—			(5,032	)		—			(5,032	)
Change in fair value of derivative financial instruments, net of tax		—			—			—			—			1,098			—			1,098
Reclassification adjustment for realized (gain) loss on derivative financial instruments, net of tax		—			—			—			—			(357	)		—			(357	)
Conversion/release of stock-based awards 1		460			5			(14,149	)		—			—			(291	)		(14,435	)
Repurchases of common stock		(5,373	)		(53	)		(25,775	)		(269,476	)		—			—			(295,304	)
Reissuance of treasury stock under stock-based compensation plans 1		—			—			(418	)		(363	)		—			781			—
Stock-based compensation expense		—			—			59,428			—			—			—			59,428
Dividends declared		—			—			—			(144,609	)		—			—			(144,609	)
Adoption of accounting pronouncements 2		—			—			—			17,675			—			—			17,675
Balance at February 3, 2019		78,813			789			581,900			584,333			(11,073	)		(235	)		1,155,714

Net earnings		—			—			—			356,062			—			—			356,062
Foreign currency translation adjustments		—			—			—			—			(3,334	)		—			(3,334	)
Change in fair value of derivative financial instruments, net of tax		—			—			—			—			163			—			163
Reclassification adjustment for realized (gain) loss on derivative financial instruments, net of tax		—			—			—			—			(343	)		—			(343	)
Conversion/release of stock-based awards 1		649			6			(27,624	)		—			—			(134	)		(27,752	)
Repurchases of common stock		(2,325	)		(23	)		(11,658	)		(136,195	)		—			(958	)		(148,834	)
Reissuance of treasury stock under stock-based compensation plans 1		—			—			(386	)		—			—			386			—
Stock-based compensation expense		—			—			63,590			—			—			—			63,590
Dividends declared		—			—			—			(156,103	)		—			—			(156,103	)
Adoption of accounting pronouncements 3		—			—			—			(3,303	)		—			—			(3,303	)
Balance at February 2, 2020		77,137		$	772		$	605,822		$	644,794		$	(14,587	)	$	(941	)	$	1,235,860


Leasehold improvements		Shorter of estimated useful life or lease term (generally 5 – 22 years)
Fixtures and equipment		2 – 20 years
Buildings and building improvements		10 – 40 years
Capitalized software		2 – 10 years



Dollars in thousands	Fiscal 2019		Fiscal 2018		Fiscal 2017
United States	$	353,215	$	333,594	$	379,000
Foreign		103,806		95,653		73,439
Total	$	457,021	$	429,247	$	452,439



Deferred tax asset (liabilities), Dollars in thousands	Fiscal 2019			Fiscal 2018
Operating lease liabilities	$	347,693		$	—
Merchandise inventories		22,311			18,703
Customer deposits		19,520			14,345
Compensation		14,350			11,251
Stock-based compensation		9,860			14,281
Accrued liabilities		8,440			13,470
State taxes		7,546			7,435
Executive deferred compensation		7,543			5,739
Federal and state net operating loss		3,443			4,223
Deferred rent		—			18,942
Operating lease right-of-use assets		(309,801	)		—
Deferred lease incentives		(46,701	)		(26,032	)
Property and equipment		(37,309	)		(31,557	)
Prepaid catalog expenses		(394	)		(936	)
Other		2,369			(4,797	)
Valuation allowance		(3,648	)		(3,542	)
Total deferred tax assets, net	$	45,222		$	41,525


I n thousands	Fiscal 2019 (52 Weeks)
Operating lease costs	$	267,883
Variable lease costs		129,018

Total lease costs	$	396,901


In thousands	Fiscal 2019 (52 Weeks)
Cash paid for amounts included in the measurement of operating lease liabilities	$	285,678
Net additions to right-of-use assets	$	150,401


Weighted average remaining lease term (years)	7.3
Weighted average incremental borrowing rate	3.8	%


In thousands
Fiscal 2019	$	292,387
Fiscal 2020		262,429
Fiscal 2021		225,755
Fiscal 2022		190,263
Fiscal 2023		160,308
Thereafter		559,802
Total	$	1,690,944


In thousands, except per share amounts	Net Earnings		Weighted Average Shares		Earnings Per Share
Fiscal 2019 (52 Weeks)
Basic	$	356,062		78,108	$	4.56
Effect of dilutive stock-based awards				1,117
Diluted	$	356,062		79,225	$	4.49
Fiscal 2018 (53 Weeks)
Basic	$	333,684		81,420	$	4.10
Effect of dilutive stock-based awards				920
Diluted	$	333,684		82,340	$	4.05
Fiscal 2017 (52 Weeks)
Basic	$	259,545		85,592	$	3.03
Effect of dilutive stock-based awards				488
Diluted	$	259,545		86,080	$	3.02


	Shares			Weighted Average Grant Date Fair Value		Weighted Average Contractual Term Remaining (Years)		Intrinsic Value 1
Balance at February 3, 2019		3,012,923		$	52.88
Granted		1,066,337			58.27
Granted, with vesting subject to performance conditions		240,515			57.77
Released 2		(1,029,288	)		55.94
Cancelled		(406,293	)		53.89
Balance at February 2, 2020		2,884,194		$	54.09		3.00	$	202,124,000
Vested plus expected to vest at February 2, 2020		2,335,826		$	54.04		3.16	$	163,695,000


	Fiscal 2019 (52 weeks)		Fiscal 2018 (53 weeks)		Fiscal 2017 (52 weeks)
Weighted average grant date fair value per share of awards granted	$	58.18	$	49.57	$	52.76
Intrinsic value of awards released 1	$	65,403,000	$	34,213,000	$	35,508,000



In thousands	Feb. 2, 2020 1		Feb. 3, 2019 1
U.S.	$	2,132,635	$	1,068,196
International		165,772		50,305
Total	$	2,298,407	$	1,118,501



In thousands	Foreign Currency Translation			Cash Flow Hedges			Accumulated Other Comprehensive Income (Loss)
Balance at January 29, 2017	$	(9,957	)	$	54		$	(9,903	)
Foreign currency translation adjustments		3,730			—			3,730
Change in fair value of derivative financial instruments		—			(715	)		(715	)
Reclassification adjustment for realized (gain) loss on derivative financial instruments 1		—			106			106
Other comprehensive income (loss)		3,730			(609	)		3,121
Balance at January 28, 2018		(6,227	)		(555	)		(6,782	)
Foreign currency translation adjustments		(5,032	)		—			(5,032	)
Change in fair value of derivative financial instruments		—			1,098			1,098
Reclassification adjustment for realized (gain) loss on derivative financial instruments 1		—			(357	)		(357	)
Other comprehensive income (loss)		(5,032	)		741			(4,291	)
Balance at February 3, 2019		(11,259	)		186			(11,073	)
Foreign currency translation adjustments		(3,334	)		—			(3,334	)
Change in fair value of derivative financial instruments		—			163			163
Reclassification adjustment for realized (gain) loss on derivative financial instruments 1		—			(343	)		(343	)
Other comprehensive income (loss)		(3,334	)		(180	)		(3,514	)
Balance at February 2, 2020	$	(14,593	)	$	6		$	(14,587	)



In thousands
Working capital and other assets	$	718
Property and equipment, net		2,049
Intangible assets		18,300
Liabilities		(6,886	)
Total identifiable net assets acquired	$	14,181
Goodwill		66,631
Total purchase consideration	$	80,812


In thousands, except per share amounts
Fiscal 2019 (52 Weeks)	First Quarter		Second Quarter		Third Quarter		Fourth Quarter 1		Full Year
Net revenues	$	1,241,132	$	1,370,814	$	1,442,472	$	1,843,590	$	5,898,008
Gross profit		444,331		483,861		518,172		692,728		2,139,092
Operating income ,2,3		74,132		86,165		101,891		203,686		465,874
Net earnings 6		52,656		62,648		74,713		166,045		356,062
Basic earnings per share 7	$	0.67	$	0.80	$	0.96	$	2.15	$	4.56
Diluted earnings per share 7	$	0.66	$	0.79	$	0.94	$	2.10	$	4.49


Fiscal 2018 (53 Weeks)	First Quarter		Second Quarter		Third Quarter		Fourth Quarter 1		Full Year
Net revenues	$	1,203,000	$	1,275,174	$	1,356,983	$	1,836,436	$	5,671,593
Gross profit		432,164		463,942		494,984		709,923		2,101,013
Operating income ,2,3,4		66,550		74,166		94,384		200,853		435,953
Net earnings 5,6		45,168		51,713		81,465		155,338		333,684
Basic earnings per share 7	$	0.54	$	0.63	$	1.01	$	1.95	$	4.10
Diluted earnings per share 7	$	0.54	$	0.62	$	1.00	$	1.93	$	4.05



(a	)(1)	Financial Statements:

		The following Consolidated Financial Statements of Williams-Sonoma, Inc. and subsidiaries and the related notes are filed as part of this report pursuant to Item 8:

			PAGE

		Consolidated Statements of Earnings		41

		Consolidated Statements of Comprehensive Income		41

		Consolidated Balance Sheets		42

		Consolidated Statements of Stockholders’ Equity		43

		Consolidated Statements of Cash Flows		44

		Notes to Consolidated Financial Statements		45

		Report of Independent Registered Public Accounting Firm		65

		Quarterly Financial Information		68

(a	)(2)	Financial Statement Schedules: Schedules have been omitted because they are not required, are not applicable, or because the required information, where material, is included in the financial statements, notes, or supplementary financial information.

(a	)(3)	Exhibits: The exhibits listed in the below Exhibit Index are filed or incorporated by reference as part of this Form 10-K

(b	)	Exhibits: The exhibits listed in the below Exhibit Index are filed or incorporated by reference as part of this Form 10-K

(c	)	Financial Statement Schedules: Schedules have been omitted because they are not required or are not applicable.


CERTIFICATE OF INCORPORATION AND BYLAWS

	3.1		Amended and Restated Certificate of Incorporation (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K as filed with the Commission on May 25, 2011, File No. 001-14077)

	3.2		Amended and Restated Bylaws (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K as filed with the Commission on June 2, 2017, File No. 001-14077)

INSTRUMENTS DEFINING THE RIGHTS OF SECURITY HOLDERS, INCLUDING INDENTURES

	4.1		Form of Common Stock Certificate (incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K as filed with the Commission on May 25, 2011, File No. 001-14077)

	4.2	*	Description of the Registrant’s Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934


FINANCING AGREEMENTS

	10.1	Seventh Amended and Restated Credit Agreement, dated January 8, 2018, between the Company and Bank of America, N.A., as administrative agent, letter of credit issuer and swingline lender, Wells Fargo Bank, National Association, as syndication agent and the lenders party thereto (incorporated by reference to Exhibit 10.1 to the Company’s Annual Report on Form 10-K for the fiscal year ended January 28, 2018 as filed with the Commission on March 29, 2018, File No. 001-14077)

	10.2	Reimbursement Agreement between the Company, Williams-Sonoma Singapore Pte. Ltd. and Bank of America, N.A., dated as of August 30, 2013 (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the period ended November 3, 2013 as filed with the Commission on December 12, 2013, File No. 001-14077)

	10.3	First Amendment to Reimbursement Agreement between the Company, Williams-Sonoma Singapore Pte. Ltd., and Bank of America, N.A., dated as of August 29, 2014 (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the period ended November 2, 2014 as filed with the Commission on December 5, 2014, File No. 001-14077)

	10.4	Second Amendment to Reimbursement Agreement between the Company, Williams-Sonoma Singapore Pte. Ltd., and Bank of America, N.A., dated as of August 28, 2015 (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the period ended November 1, 2015 as filed with the Commission on December 11, 2015, File No. 001-14077)

	10.5	Third Amendment to Reimbursement Agreement between the Company, Williams-Sonoma Singapore Pte. Ltd., and Bank of America, N.A., dated as of August 26, 2016 (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the period ended October 30, 2016 as filed with the Commission on December 7, 2016, File No. 001-14077)

	10.6	Fourth Amendment to Reimbursement Agreement between the Company, Williams-Sonoma Singapore Pte. Ltd., and Bank of America, N.A., dated as of August 25, 2017 (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the period ended October 29, 2017 as filed with the Commission on December 6, 2017, File No. 001-14077)

	10.7	Fifth Amendment to Reimbursement Agreement between the Company, Williams-Sonoma Singapore Pte. Ltd., and Bank of America, N.A., dated as of August 24, 2018 (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the period ended October 28, 2018 as filed with the Commission on December 7, 2018, File No. 001-12077)

	10.8	Sixth Amendment to Reimbursement Agreement between the Company, Williams-Sonoma Singapore Pte. Ltd., and Bank of America, N.A., dated as of August 23, 2019 (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the period ended November 3, 2019 as filed with the Commission on December 12, 2019, File No. 001-14077)

	10.9	Reimbursement Agreement between the Company, Williams-Sonoma Singapore Pte. Ltd., and Wells Fargo Bank, N.A., dated as of August 30, 2013 (incorporated by reference to Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q for the period ended November 3, 2013 as filed with the Commission on December 12, 2013, File No. 001-14077)

	10.10	First Amendment to Reimbursement Agreement between the Company, Williams-Sonoma Singapore Pte. Ltd., and Wells Fargo Bank, N.A., dated as of August 29, 2014 (incorporated by reference to Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q for the period ended November 2, 2014 as filed with the Commission on December 5, 2014, File No. 001-14077)

	10.11	Second Amendment to Reimbursement Agreement between the Company, Williams-Sonoma Singapore Pte. Ltd., and Wells Fargo Bank, N.A., dated as of August 28, 2015 (incorporated by reference to Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q for the period ended November 1, 2015 as filed with the Commission on December 11, 2015, File No. 001-14077)



	10.12			Third Amendment to Reimbursement Agreement between the Company, Williams-Sonoma Singapore Pte. Ltd., and Wells Fargo Bank, N.A., dated as of August 26, 2016 (incorporated by reference to Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q for the period ended October 30, 2016 as filed with the Commission on December 7, 2016, File No. 001-14077)

	10.13			Fourth Amendment to Reimbursement Agreement between the Company, Williams-Sonoma Singapore Pte. Ltd., and Wells Fargo Bank, N.A., dated as of August 25, 2017 (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the period ended October 29, 2017 as filed with the Commission on December 6, 2017, File No. 001-14077)

	10.14			Fifth Amendment to Reimbursement Agreement between the Company, Williams-Sonoma Singapore Pte. Ltd., and Wells Fargo Bank, N.A., dated as of August 24, 2018 (incorporated by reference to Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q for the period ended October 28, 2018 as filed with the Commission on December 7, 2018, File No.001-14077)

	10.15			Sixth Amendment to Reimbursement Agreement between the Company, Williams-Sonoma Singapore Pte. Ltd., and Wells Fargo Bank, N.A., dated as of August 23, 2019 (incorporated by reference to Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q for the period ended November 3, 2019 as filed with the Commission on December 12, 2019, File No. 001-14077)

	10.16			Reimbursement Agreement between the Company, Williams-Sonoma Singapore Pte. Ltd., and U.S. Bank National Association, dated as of August 30, 2013 (incorporated by reference to Exhibit 10.3 to the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended November 3, 2013 as filed with the Commission on December 12, 2013, File No. 001-14077)

	10.17			First Amendment to Reimbursement Agreement between the Company, Williams-Sonoma Singapore Pte. Ltd., and U.S. Bank National Association, dated as of August 29, 2014 (incorporated by reference to Exhibit 10.3 to the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended November 2, 2014 as filed with the Commission on December 5, 2014, File No. 001-14077)

	10.18			Second Amendment to Reimbursement Agreement between the Company, Williams-Sonoma Singapore Pte. Ltd., and U.S. Bank National Association, dated as of August 28, 2015 (incorporated by reference to Exhibit 10.3 to the Company’s Quarterly Report on Form 10-Q for the period ended November 1, 2015 as filed with the Commission on December 11, 2015, File No. 001-14077)

	10.19			Third Amendment to Reimbursement Agreement between the Company, Williams-Sonoma Singapore Pte. Ltd., and U.S. Bank National Association, dated as of August 26, 2016 (incorporated by reference to Exhibit 10.3 to the Company’s Quarterly Report on Form 10-Q for the period ended October 30, 2016 as filed with the Commission on December 7, 2016, File No. 001-14077)

	10.20			Fourth Amendment to Reimbursement Agreement between the Company, Williams-Sonoma Singapore Pte. Ltd., and U.S. Bank National Association, dated as of August 25, 2017 (incorporated by reference to Exhibit 10.3 to the Company’s Quarterly Report on Form 10-Q for the period ended October 29, 2017 as filed with the Commission on December 6, 2017, File No. 001-14077)

	10.21			Fifth Amendment to Reimbursement Agreement between the Company, Williams-Sonoma Singapore Pte. Ltd., and U.S. Bank National Association, dated as of August 24, 2018 (incorporated by reference to Exhibit 10.3 to the Company’s Quarterly Report on the Form 10-Q for the period ended October 28, 2018 as filed with the Commission on December 7, 2018, File No. 001-14077)

	10.22			Sixth Amendment to Reimbursement Agreement between the Company, Williams-Sonoma Singapore Pte. Ltd., and U.S. Bank National Association, dated as of August 23, 2019 (incorporated by reference to Exhibit 10.3 to the Company’s Quarterly Report on Form 10-Q for the period ended November 3, 2019 as filed with the Commission on December 12, 2019, File No. 001-14077)