<SUBMISSION>
<ACCESSION-NUMBER>0000950149-04-000091
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>3
<PERIOD>20040108
<ITEMS>7
<ITEMS>9
<FILING-DATE>20040108
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>WILLIAMS SONOMA INC
<CIK>0000719955
<ASSIGNED-SIC>5700
<IRS-NUMBER>942203880
<STATE-OF-INCORPORATION>CA
<FISCAL-YEAR-END>0131
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>001-14077
<FILM-NUMBER>04514396
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>3250 VAN NESS AVENUE
<CITY>SAN FRANCISCO
<STATE>CA
<ZIP>94109
<PHONE>415-421-7900
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>3250 VAN NESS AVENUE
<CITY>SAN FRANCISCO
<STATE>CA
<ZIP>94109
</MAIL-ADDRESS>
</FILER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>f95424e8vk.htm
<DESCRIPTION>CURRENT REPORT
<TEXT>
<HTML>
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<TITLE>e8vk</TITLE>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P align="center"><FONT size="3"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B></FONT>

<DIV align="center"><FONT size="2"><B>Washington, D.C. 20549</B>
</FONT></DIV>

<P align="center"><HR align="center" size="1" noshade width="15%">

<P><FONT size="2">&nbsp;</FONT>

<P align="center"><FONT size="3"><B>FORM 8-K</B></FONT>

<P align="center"><FONT size="3"><B>CURRENT REPORT</B>
</FONT>

<DIV align="center"><FONT size="2"><B>Pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934</B>
</FONT>
</DIV>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">Date of Report (Date of earliest event reported):</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;&nbsp;January&nbsp;8, 2004</FONT></TD>
</TR>
<TR>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
<HR size="1" noshade></FONT></TD>
</TR>
</TABLE>
</DIV>


<P align="center"><FONT size="3"><B>Williams-Sonoma, Inc.</B><BR>
<HR align="center" size="1" noshade width="100%">
</FONT>

<DIV align="center"><FONT size="2">(Exact name of registrant as specified in its charter)
</FONT>
</DIV>

<DIV align="center">
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<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">California</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
001-14077
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">94-2203880</FONT></TD>
</TR>
<TR>
    <TD align="center" valign="top"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
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    <TD align="center" valign="top"><HR size="1" noshade></TD>
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    <TD align="center" valign="top"><FONT size="2">(State or other<BR>
jurisdiction of<BR>
incorporation)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
(Commission File Number)
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">(IRS Employer<BR>
Identification No.)</FONT></TD>
</TR>
</TABLE>
</DIV>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="65%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">3250 Van Ness Avenue, San Francisco, California</FONT></TD>
    <TD align="center"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">94109</FONT></TD>
</TR>
<TR>
    <TD colspan="3" align="center" valign="top"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">(Address of principal executive offices)</FONT></TD>
    <TD align="center"><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="center" valign="top"><FONT size="2">(Zip Code)
</FONT></TD>
</TR>
</TABLE>
</DIV>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">Registrant&#146;s telephone number, including area code</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;(415) 421-7900</FONT></TD>
</TR>
<TR>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
<HR size="1" noshade></FONT></TD>
</TR>
</TABLE>
</DIV>


<P align="center"><FONT size="2">N/A<BR>
<HR align="center" size="1" noshade width="100%">
</FONT>

<DIV align="center"><FONT size="2">(Former name or former address, if changed since last report)
</FONT>
</DIV>

<P align="center"><FONT size="2">&nbsp;
</FONT>

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<P><HR noshade><P>

<!-- TOC -->
<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
<TR>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
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	<TD width="3%"></TD>
	<TD width="76%"></TD>
</TR>
<TR><TD colspan="9"><A HREF="#000">Item&nbsp;7. Financial Statements and Exhibits</A></TD></TR>
<TR><TD colspan="9"><A HREF="#001">Item&nbsp;9. Regulation&nbsp;FD Disclosure</A></TD></TR>
<TR><TD colspan="9"><A HREF="#002">SIGNATURES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#003">INDEX TO EXHIBITS</A></TD></TR>
<TR><TD colspan="9"><A HREF="f95424exv99w1.htm">Exhibit 99.1</A></TD></TR>
</TABLE>
</CENTER>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<!-- link1 "Item&nbsp;7. Financial Statements and Exhibits" -->
<DIV align="left"><A NAME="000"></A></DIV>

<P align="left"><FONT size="2"><B>Item&nbsp;7. Financial Statements and Exhibits</B>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="90%">
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="93%">&nbsp;</TD>
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<TR valign="bottom">
    <TD align="left" valign="top"><FONT size="2">(c)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
List of Exhibits:</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">99.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Press Release dated January&nbsp;8, 2004</FONT></TD>
</TR>
</TABLE>
</DIV>

<!-- link1 "Item&nbsp;9. Regulation&nbsp;FD Disclosure" -->
<DIV align="left"><A NAME="001"></A></DIV>

<P align="left"><FONT size="2"><B>Item&nbsp;9. Regulation&nbsp;FD Disclosure</B>
</FONT>


<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2">On January&nbsp;8, 2004, Williams-Sonoma, Inc. (the &#147;Company&#148;) issued a press
release announcing the Company&#146;s financial results for its holiday sales for
the period from November&nbsp;3, 2003 to December&nbsp;28, 2003. A copy of the Company&#146;s
press release is attached hereto as Exhibit&nbsp;99.1.
</FONT>

<P align="center"><FONT size="2">2
</FONT>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<!-- link1 "SIGNATURES" -->
<DIV align="left"><A NAME="002"></A></DIV>

<P align="center"><FONT size="2"><B>SIGNATURES</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
</FONT>

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    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
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    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

<TD colspan="3" valign="top" align="left"><FONT size="2">WILLIAMS-SONOMA, INC.</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD valign="top"><FONT size="2">Date: January&nbsp;8, 2004</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" nowrap valign="top"><FONT size="2">By:</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" valign="top" align="left"><FONT size="2"><u>/s/ Sharon L. McCollam</u>
</FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Sharon L. McCollam<br>
Executive Vice President and<br>
Chief Financial Officer</FONT></TD>
</TR>
</TABLE>
</DIV>

<P align="center"><FONT size="2">3
</FONT>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<!-- link1 "INDEX TO EXHIBITS" -->
<DIV align="left"><A NAME="003"></A></DIV>

<P align="center"><FONT size="2"><B>INDEX TO EXHIBITS</B>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="12%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="83%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><FONT size="2"><B>Exhibit Number</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="left"><FONT size="2"><B>Description</B></FONT></TD>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><HR size="2" width="90" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="left"><HR size="2" width="66" noshade></TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">99.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Press Release dated January&nbsp;8, 2004</FONT></TD>
</TR>
</TABLE>
</DIV>

<P align="center"><FONT size="2">4
</FONT>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>f95424exv99w1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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<P align="right"><FONT size="2">Exhibit&nbsp;99.1
</FONT>

<P align="left"><FONT size="2"><IMG src="f95424f9542400.gif" alt="(WILLIAMS-SONOMA, INC. LOGO)">
</FONT>

<P>&nbsp;

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="70%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2"><B>PRESS RELEASE</B><BR>
WILLIAMS-SONOMA, INC.<BR>
3250 Van Ness Avenue<BR>
San Francisco, CA 94109</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
<B>CONTACT:</B><BR>
Sharon L. McCollam<BR>
Executive Vice President, CFO<BR>
(415)&nbsp;616-8775</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Stephen C. Nelson<BR>
Director, Investor Relations<BR>
(415)&nbsp;616-8754</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Christy M. Chanslor<BR>
Investor Relations<BR>
(415)&nbsp;616-8332</FONT></TD>
</TR>
</TABLE>
</DIV>

<P>&nbsp;

<P align="left"><FONT size="2"><B><u>FOR IMMEDIATE RELEASE</u></B>
</FONT>


<P align="center"><FONT size="2"><B>Williams-Sonoma, Inc. Announces 2003 Holiday Sales and Reiterates EPS Guidance<BR>Revenues Increase 16.6&#037;</B>
</FONT>

<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2">San Francisco, CA, January&nbsp;8, 2004, Williams-Sonoma, Inc. (NYSE: WSM) today
announced that net revenues for the eight-week holiday period ended December
28, 2003 increased 16.6% to $723.2&nbsp;million versus the eight-week holiday period
ended December&nbsp;29, 2002 and reiterated its fourth quarter and fiscal year 2003
diluted earnings per share guidance in the range of $0.80 to $0.85 and $1.26 to
$1.31, respectively.
</FONT>


<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2">Howard Lester, Chairman, commented, &#147;This holiday sales performance continues
to demonstrate the strength of our brands, the effectiveness of our
multi-channel strategy, and the consistency in which we are operating our
business. I am very proud of this company-wide effort.&#148;
</FONT>


<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2">Net revenues for the eight-week holiday period ended December&nbsp;28, 2003
increased 16.6% to $723.2&nbsp;million, including $37.6&nbsp;million of shipping fees,
versus $620.0&nbsp;million for the eight-week holiday period ended December&nbsp;29,
2002, which included $31.1&nbsp;million of shipping fees.
</FONT>


<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2">Retail net sales for the eight-week holiday period ended December&nbsp;28, 2003
increased 11.5% to $468.9&nbsp;million versus $420.4&nbsp;million for the eight-week
holiday period ended December&nbsp;29, 2002. Comparable store sales, led by the
Williams-Sonoma and Pottery Barn brands, increased 3.7% for the eight-week
holiday period ended December&nbsp;28, 2003 versus a 2.7% increase for the
eight-week holiday period ended December&nbsp;29, 2002. Comparable store sales were
positive in all concepts except Hold Everything.
</FONT>


<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2">Direct-to-customer net sales for the eight-week holiday period ended December
28, 2003 increased 28.7% to $216.7&nbsp;million versus $168.4&nbsp;million for the
eight-week holiday period ended December&nbsp;29, 2002. The Pottery Barn, PBTeen,
and Pottery Barn Kids brands drove the majority of this increase.
</FONT>

<P align="center"><FONT size="2">5
</FONT>

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<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2">Ed Mueller, Chief Executive Officer, commented, &#147;We are very pleased with our
holiday sales results in both the retail and direct-to-customer channels.
Although the holiday season was difficult due to a later than anticipated peak
in consumer demand and disruptive weather on key shopping days, we believe that
our merchandise assortment, commitment to customer satisfaction, improved
inventory position, and strong operational execution allowed us to drive our
business and deliver a 16.6% increase in sales for the period. As this
increase was consistent with our expectations, we are reiterating our fourth
quarter earnings per share guidance in the range of $0.80 to $0.85, a
year-over-year increase of approximately 19% to 27%.&#148;
</FONT>


<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2">Mr.&nbsp;Mueller continued, &#147;As we look forward to fiscal year 2004, we are very
encouraged by the opportunities that lie ahead for both our core and emerging
brands. In our retail channel, we are expecting a high-single digit
increase in retail leased square footage. In our direct-to-customer channel, we are expecting strong growth in all of our emerging brands, including PBTeen, West Elm, and Hold Everything, and will be introducing our newest catalog, Williams-Sonoma Home in the late fall. Additionally, we will be continuing to invest in increased
catalog circulation, electronic direct marketing, and Internet partnerships in all of our brands. Although we are optimistic about our ability to execute against these plans in 2004, we are cognizant of the external factors that have the potential to negatively affect our results. Accordingly, our
preliminary estimates  for fiscal 2004 assume a low-teen to mid-teen
percentage increase in net revenues and a mid-teen to high-teen
percentage increase in diluted earnings per share. We will provide
updated and more in-depth guidance for fiscal 2004 when we have more
visibility to post-holiday sales trends and finalize our 2004
business plans.&#148;
</FONT>


<P><TABLE width="50%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="1%" nowrap align="right"><FONT size="2"><FONT face="Wingdings">&#113;</FONT></FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap><FONT size="2"><B>4</B><SUP><B>TH</B></SUP><B>QUARTER 2003 &#151; REVISED GUIDANCE FOR THE 13 WEEKS ENDING FEBRUARY 1, 2004</B>
<HR style="margin-top: -7.5px; margin-bottom: 7.5px;" align="left" size="2" noshade>
</FONT></TD>
</TR>
</TABLE>

<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%" nowrap align="right"><FONT size="2"><FONT face="Wingdings">l</FONT></FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2"><B>Net Revenues</B>
</FONT></TD>
</TR>
</TABLE>

<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%" nowrap align="right"><FONT size="2"><FONT face="Wingdings">&#113;</FONT></FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
  <TD><FONT size="2">Net revenues are projected to be in the range of $992&nbsp;million
to $1.010&nbsp;billion versus previous guidance in the range of $980
million to $1.010&nbsp;billion. This revised guidance represents revenue
growth in the range of 15.5% to 17.6% versus the fourth quarter of
fiscal year 2002.
</FONT></TD>
</TR>
</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%" nowrap align="right"><FONT size="2"><FONT face="Wingdings">&#113;</FONT></FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">Retail net sales are projected to be in the range of $616
million to $626&nbsp;million versus previous guidance in the range of $615
million to $628&nbsp;million. This revised guidance represents net sales
growth in the range of 10.6% to 12.4% versus the fourth quarter of
fiscal year 2002.
</FONT></TD>
</TR>
</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%" nowrap align="right"><FONT size="2"><FONT face="Wingdings">&#113;</FONT></FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">Comparable store sales are projected to be in the range of
positive 2.5% to 4.5%, unchanged from previous guidance.
</FONT></TD>
</TR>
</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%" nowrap align="right"><FONT size="2"><FONT face="Wingdings">&#113;</FONT></FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">Leased square footage is projected to increase in the range
of 11% to 12%, unchanged from previous guidance.
</FONT></TD>
</TR>
</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%" nowrap align="right"><FONT size="2"><FONT face="Wingdings">&#113;</FONT></FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">Selling square footage is projected to increase approximately
11%, unchanged from previous guidance.
</FONT></TD>
</TR>
</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%" nowrap align="right"><FONT size="2"><FONT face="Wingdings">&#113;</FONT></FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">Direct-to-customer net sales are projected to be in the range
of $321&nbsp;million to $327&nbsp;million versus previous guidance in the range
of $307&nbsp;million to $323&nbsp;million. This revised guidance represents
net sales growth in the range of 25.8% to 28.2% versus the fourth
quarter of fiscal year 2002.
</FONT></TD>
</TR>
</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%" nowrap align="right"><FONT size="2"><FONT face="Wingdings">&#113;</FONT></FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">Shipping fees are projected to be in the range of $55&nbsp;million
to $57&nbsp;million versus previous guidance in the range of $58&nbsp;million
to $59&nbsp;million. This revised guidance represents an increase in
shipping fees in the range of 17.8% to 22.1% versus the fourth
quarter of fiscal year 2002.
</FONT></TD>
</TR>
</TABLE>

<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%" nowrap align="right"><FONT size="2"><FONT face="Wingdings">l</FONT></FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2"><B>Gross Margin</B>
</FONT></TD>
</TR>
</TABLE>

<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%" nowrap align="right"><FONT size="2"><FONT face="Wingdings">&#113;</FONT></FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">Gross margin as a percentage of net revenues is projected to
be in the range of 43.7% to 44.1%, unchanged from previous guidance.
</FONT></TD>
</TR>
</TABLE>

<P align="center"><FONT size="2">6
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%" nowrap align="right"><FONT size="2"><FONT face="Wingdings">&#113;</FONT></FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">Gross margin includes projected shipping fees in the range of $55
million to $57&nbsp;million and projected shipping costs in the range of $49
million to $51&nbsp;million. Previous guidance included shipping fees and
shipping costs in the range of $58&nbsp;million to $59&nbsp;million and $50
million to $52&nbsp;million, respectively.
</FONT></TD>
</TR>
</TABLE>

<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%" nowrap align="right"><FONT size="2"><FONT face="Wingdings">l</FONT></FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2"><B>Selling, General and Administrative Expenses</B>
</FONT></TD>
</TR>
</TABLE>

<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%" nowrap align="right"><FONT size="2"><FONT face="Wingdings">&#113;</FONT></FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">Selling, general and administrative expenses as a percentage
of net revenues are projected to be in the range of 27.5% to 27.7%,
unchanged from previous guidance.
</FONT></TD>
</TR>
</TABLE>

<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%" nowrap align="right"><FONT size="2"><FONT face="Wingdings">l</FONT></FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2"><B>Interest </B>&#060;<B>Income</B>&#062;<B> Expense &#151; Net</B>
</FONT></TD>
</TR>
</TABLE>

<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%" nowrap align="right"><FONT size="2"><FONT face="Wingdings">&#113;</FONT></FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">Interest income is projected to be approximately $0.1&nbsp;million
versus previous guidance in the range of $0.1&nbsp;million to $0.3
million.
</FONT></TD>
</TR>
</TABLE>

<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%" nowrap align="right"><FONT size="2"><FONT face="Wingdings">l</FONT></FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2"><B>Implementation of FIN 46, &#147;Consolidation of Variable Interest Entities&#148;</B>
</FONT></TD>
</TR>
</TABLE>

<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%" nowrap align="right"><FONT size="2"><FONT face="Wingdings">&#113;</FONT></FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">In January&nbsp;2003, the Financial Accounting Standards Board
(&#147;FASB&#148;) issued FASB Interpretation No.&nbsp;46 (&#147;FIN 46&#148;), Consolidation
of Variable Interest Entities. FIN 46 explains how to identify
variable interest entities and how to decide whether to consolidate
such entities. FIN 46 requires existing unconsolidated entities to
be consolidated by their primary beneficiaries if the entities do not
effectively disperse risks among parties involved. The application
of FIN 46 to variable interest entities created before February&nbsp;1,
2003 was deferred by the FASB in October&nbsp;2003. The effective date
for applying the provisions of FIN 46 will now be the first reporting
period ending after December&nbsp;15, 2003. As a result, the two variable
interest entity partnerships from which we lease our Memphis-based
distribution facilities will be consolidated by us as of February&nbsp;1,
2004. We estimate that the consolidation will result in increases to
our consolidated balance sheet of approximately $21,000,000 in assets
(primarily buildings), $18,500,000 in long-term debt, and $2,500,000
in other liabilities with no cumulative effect charge to our fiscal
year 2003 consolidated statement of earnings.
</FONT></TD>
</TR>
</TABLE>

<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%" nowrap align="right"><FONT size="2"><FONT face="Wingdings">l</FONT></FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2"><B>Diluted Earnings Per Share</B>
</FONT></TD>
</TR>
</TABLE>

<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%" nowrap align="right"><FONT size="2"><FONT face="Wingdings">&#113;</FONT></FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">Diluted earnings per share for the fourth quarter of fiscal
year 2003 are estimated to be in the range of $0.80 to $0.85 per
diluted share, unchanged from previous guidance. This guidance
represents a year-over-year diluted earnings per share increase in
the range of 19.4% to 26.9% versus the fourth quarter of fiscal year 2002.
</FONT></TD>
</TR>
</TABLE>


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%" nowrap align="right"><FONT size="2"><FONT face="Wingdings">l</FONT></FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2"><B>Merchandise Inventories</B>
</FONT></TD>
</TR>
</TABLE>


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%" nowrap align="right"><FONT size="2"><FONT face="Wingdings">&#113;</FONT></FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">Merchandise inventories at the end of fiscal year 2003 are
projected to increase in the range of 20% to 25% versus merchandise
inventories at the end of fiscal year 2002. This is unchanged from
previous guidance.
</FONT></TD>
</TR>
</TABLE>

<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%" nowrap align="right"><FONT size="2"><FONT face="Wingdings">l</FONT></FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2"><B>Depreciation and Amortization</B>
</FONT></TD>
</TR>
</TABLE>

<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%" nowrap align="right"><FONT size="2"><FONT face="Wingdings">&#113;</FONT></FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">Depreciation and amortization expense is projected to be
approximately $26&nbsp;million, unchanged from previous guidance.
</FONT></TD>
</TR>
</TABLE>


<P align="center"><FONT size="2">7
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%" nowrap align="right"><FONT size="2"><FONT face="Wingdings">l</FONT></FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2"><B>Amortization of Deferred Lease Incentives</B>
</FONT></TD>
</TR>
</TABLE>

<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%" nowrap align="right"><FONT size="2"><FONT face="Wingdings">&#113;</FONT></FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">Amortization of deferred lease incentives is projected to be
approximately $5&nbsp;million, unchanged from previous guidance.
</FONT></TD>
</TR>
</TABLE>

<P><TABLE width="50%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="1%" nowrap align="right"><FONT size="2"><FONT face="Wingdings">&#113;</FONT></FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap><FONT size="2"> <B>FISCAL YEAR 2003 &#150; REVISED GUIDANCE FOR THE 52 WEEKS ENDING FEBRUARY 1, 2004</B>
    <HR style="margin-top: -7.5px; margin-bottom: 7.5px;" align="left" size="2" noshade>
</FONT></TD>
</TR>
</TABLE>

<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%" nowrap align="right"><FONT size="2"><FONT face="Wingdings">l</FONT></FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2"><B>Net Revenues</B>
</FONT></TD>
</TR>
</TABLE>

<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%" nowrap align="right"><FONT size="2"><FONT face="Wingdings">&#113;</FONT></FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">Net revenues are projected to be in the range of $2.742
billion to $2.760&nbsp;billion versus previous guidance in the range of
$2.730&nbsp;billion to $2.760&nbsp;billion. This revised guidance represents
revenue growth in the range of 16.1% to 16.9% versus fiscal year
2002.
</FONT></TD>
</TR>
</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%" nowrap align="right"><FONT size="2"><FONT face="Wingdings">&#113;</FONT></FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">Retail net sales are projected to be in the range of $1.606
billion to $1.616&nbsp;billion versus previous guidance in the range of
$1.605&nbsp;billion to $1.618&nbsp;billion. This revised guidance represents
net sales growth in the range of 13.4% to 14.1% versus fiscal year
2002.
</FONT></TD>
</TR>
</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%" nowrap align="right"><FONT size="2"><FONT face="Wingdings">&#113;</FONT></FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">Comparable store sales growth is projected to be in the range
of positive 3.0% to 4.0%, unchanged from previous guidance.
</FONT></TD>
</TR>
</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%" nowrap align="right"><FONT size="2"><FONT face="Wingdings">&#113;</FONT></FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">Retail store count is expected to increase by 34 stores to
512, unchanged from previous guidance.
</FONT></TD>
</TR>
</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%" nowrap align="right"><FONT size="2"><FONT face="Wingdings">&#113;</FONT></FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">Leased square footage is projected to increase in the range
of 11% to 12%, unchanged from previous guidance.
</FONT></TD>
</TR>
</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%" nowrap align="right"><FONT size="2"><FONT face="Wingdings">&#113;</FONT></FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">Selling square footage is projected to increase approximately
11%, unchanged from previous guidance.
</FONT></TD>
</TR>
</TABLE>

<P align="center"><FONT size="2"><B>Store Opening and Closing Guidance by Retail Concept</B>
</FONT>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR><TR style="font-size: 1px" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" colspan="36" style="border-bottom: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Q4</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000" colspan="9" nowrap align="center"><B>Q1 and Q2</B></TD>
    <TD style="border-right: 1px solid #000000" colspan="9" nowrap align="center"><B>Q3</B></TD>
    <TD style="border-right: 1px solid #000000" colspan="9" nowrap align="center"><B>Q4</B></TD>
    <TD style="border-right: 1px solid #000000" colspan="6" nowrap align="center"><B>FY</B></TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>2002</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000" colspan="9" nowrap align="center"><B>2003</B></TD>
    <TD style="border-right: 1px solid #000000" colspan="9" nowrap align="center"><B>2003</B></TD>
    <TD style="border-right: 1px solid #000000" colspan="9" nowrap align="center"><B>2003</B></TD>
    <TD style="border-right: 1px solid #000000" colspan="6" nowrap align="center"><B>2003</B></TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Actual</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000" colspan="9" nowrap align="center"><B>Actual</B></TD>
    <TD style="border-right: 1px solid #000000" colspan="9" nowrap align="center"><B>Actual</B></TD>
    <TD style="border-right: 1px solid #000000" colspan="9" nowrap align="center"><B>Guidance</B></TD>
    <TD style="border-right: 1px solid #000000" colspan="6" nowrap align="center"><B>Guidance</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
                                        <TD align="center" valign="top" style="border-top: 1px solid #000000"><B>Concept</B><br>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000"><B>End</B><br>&nbsp;
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000"><B>Open</B><br>&nbsp;
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000"><B>Close</B><br>&nbsp;
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000"><B>End</B><br>&nbsp;
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000"><B>Open</B><br>&nbsp;
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000"><B>Close</B><br>&nbsp;
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000"><B>End</B><br>&nbsp;
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000"><B>Open</B><br>&nbsp;
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000"><B>Close</B><br>&nbsp;
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000"><B>End</B><br>&nbsp;
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000"><B>Open</B><br>&nbsp;
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000"><B>Close</B><br>&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="left" valign="top" style="border-top: 1px solid #000000">Williams-Sonoma</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">236
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">6
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&#060;6&#062;
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">236
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">10
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&#060;3&#062;
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">243
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">3
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&#060;9&#062;
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">237
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">19*
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&#060;18&#062;*</TD>
    <TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">Pottery Barn</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">159
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">2
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&#060;1&#062;
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">160
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">11
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&#060;1&#062;
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">170
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">7
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&#060;3&#062;
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">174
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">20*
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&#060;5&#062;*</TD>
    <TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="left" valign="top" style="border-top: 1px solid #000000">Pottery Barn Kids</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">56
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">10
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">0
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">66
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">11
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">0
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">77
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">1
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">0
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">78
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">22
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">0</TD>
    <TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">Hold Everything</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">13
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">0
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">0
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">13
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">0
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&#060;1&#062;
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">12
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">0
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&#060;4&#062;
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">8
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">0
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&#060;5&#062;</TD>
    <TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">West Elm</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">0
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">0
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">0
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">0
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">0
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">0
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">0
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">1
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">0
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">1
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">1
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">0</TD>
    <TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">Outlet</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">14
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">0
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">0
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">14
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">2
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&#060;2&#062;
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">14
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">1
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&#060;1&#062;
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">14
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">3*
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&#060;3&#062;*</TD>
    <TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000"><B>Total</B></TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000"><B>478</B>
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000"><B>18</B>
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000"><B>&#060;7&#062;</B>
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000"><B>489</B>
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000"><B>34</B>
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000"><B>&#060;7&#062;</B>
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000"><B>516</B>
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000"><B>13</B>
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000"><B>&#060;17&#062;</B>
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000"><B>512</B>
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000"><B>65</B>
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000"><B>&#060;31&#062;</B></TD>
    <TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="39" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>

<P>
<DIV align="center">
<TABLE width="50%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="1%" nowrap align="right"><FONT size="2">*</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Fiscal year 2003 total store opening
and closing numbers for Williams-Sonoma, Pottery
Barn, and Outlet include 11 stores, 5 stores, and
3 stores, respectively, for temporary closures due
to remodeling. In Williams-Sonoma, there are also
2 additional stores in the closing numbers that
are temporary closures due to remodeling that will
be reopened in the second quarter of 2004.
Remodeled stores are defined as those stores
temporarily closed and subsequently reopened
during the year due to square footage expansion,
store modification, or relocation. Consistent
with our definition of comparable stores,
remodeled stores are removed from the comparable
store base upon closure if the gross square
footage changes by more than 20% or if the store
is closed for seven or more consecutive days.
</FONT></TD>
</TR>
</TABLE>
</DIV>

<P align="center"><FONT size="2">8
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%" nowrap align="right"><FONT size="2"><FONT face="Wingdings">&#113;</FONT></FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">Direct-to-customer net sales are projected to be in the range
of $965&nbsp;million to $971&nbsp;million versus previous guidance in the range
of $951&nbsp;million to $967&nbsp;million. This revised guidance represents
net sales growth in the range of 20.9% to 21.6% versus fiscal year
2002.
</FONT></TD>
</TR>
</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%" nowrap align="right"><FONT size="2"><FONT face="Wingdings">&#113;</FONT></FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">Catalog circulation is projected to increase in the range of
17% to 18% versus previous guidance in the range of 17% to 19%.
</FONT></TD>
</TR>
</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%" nowrap align="right"><FONT size="2"><FONT face="Wingdings">&#113;</FONT></FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">Shipping fees are projected to be in the range of $171
million to $173&nbsp;million versus previous guidance in the range of $174
million to $175&nbsp;million. This revised guidance represents an
increase in shipping fees in the range of 17.1% to 18.5% versus
fiscal year 2002.
</FONT></TD>
</TR>
</TABLE>


<P align="center"><FONT size="2"><B>Quarterly Net Revenues Guidance by Operating Segment</B>
</FONT>

<DIV align="center"><FONT size="1"><B>(All Amounts in Millions, Except Percentages)</B>
</FONT>
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>

    <TD width="1%">&nbsp;</TD>
</TR><TR style="font-size: 1px" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" colspan="15" style="border-bottom: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Q1 2003</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Q2 2003</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Q3 2003</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Q4 2003</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>FY 2003</B></TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Actual</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Actual</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Actual</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Guidance</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Guidance</B></TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">Net Retail Sales</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">$303
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">$335
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">$352
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">$616 &#151; $626
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">$1,606 &#151; $1,616</TD>
    <TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" nowrap valign="top" style="border-top: 1px solid #000000">Net Direct-to-Customer Sales</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">$199
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">$206
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">$239
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">$321 &#151; $327
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">$965 &#151; $971</TD>
    <TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">Shipping Fees</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">$35
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">$39
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">$42
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">$55 &#151; $57
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">$171 &#151; $173</TD>
    <TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000"><B>Total Net Revenues</B></TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000"><B>$537</B>
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000"><B>$580</B>
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000"><B>$633</B>
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000"><B>$992 &#151; $1,010</B>
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000"><B>$2,742 &#151; $2,760</B></TD>
    <TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000"><B>Comparable Store Sales</B></TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000"><B>&#060;0.8%&#062;</B>
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000"><B>6.5%</B>
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000"><B>5.6%</B>
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000"><B>2.5% &#151; 4.5%</B>
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000"><B>3.0% &#151; 4.0%</B></TD>
    <TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="18" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>

<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%" nowrap align="right"><FONT size="2"><FONT face="Wingdings">l</FONT></FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2"><B>Gross Margin</B>
</FONT></TD>
</TR>
</TABLE>

<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%" nowrap align="right"><FONT size="2"><FONT face="Wingdings">&#113;</FONT></FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">Gross margin as a percentage of net revenues is projected to
be in the range of 40.2% to 40.3%, unchanged from previous guidance.
</FONT></TD>
</TR>
</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%" nowrap align="right"><FONT size="2"><FONT face="Wingdings">&#113;</FONT></FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">Gross margin includes projected shipping fees in the range of $171
million to $173&nbsp;million and projected shipping costs in the range of
$142&nbsp;million to $144&nbsp;million. Previous gross margin guidance included
shipping fees and shipping costs in the range of $174&nbsp;million to $175
million and $143&nbsp;million to $145&nbsp;million, respectively.
</FONT></TD>
</TR>
</TABLE>

<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%" nowrap align="right"><FONT size="2"><FONT face="Wingdings">l</FONT></FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2"><B>Selling, General and Administrative Expenses</B>
</FONT></TD>
</TR>
</TABLE>

<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%" nowrap align="right"><FONT size="2"><FONT face="Wingdings">&#113;</FONT></FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">Selling, general and administrative expenses as a percentage
of net revenues are projected to be in the range of 31.0% to 31.1%,
unchanged from previous guidance.
</FONT></TD>
</TR>
</TABLE>

<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%" nowrap align="right"><FONT size="2"><FONT face="Wingdings">l</FONT></FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2"><B>Interest </B><b>&#060;</b><B>Income</B><b>&#062;</b><B> Expense &#151; Net</B>
</FONT></TD>
</TR>
</TABLE>

<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%" nowrap align="right"><FONT size="2"><FONT face="Wingdings">&#113;</FONT></FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">Interest income for fiscal year 2003 is projected to be
approximately $0.7&nbsp;million versus previous guidance in the range of
$0.7&nbsp;million to $0.9&nbsp;million.
</FONT></TD>
</TR>
</TABLE>

<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%" nowrap align="right"><FONT size="2"><FONT face="Wingdings">l</FONT></FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2"><B>Diluted Earnings Per Share</B>
</FONT></TD>
</TR>
</TABLE>

<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%" nowrap align="right"><FONT size="2"><FONT face="Wingdings">&#113;</FONT></FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">Diluted earnings per share for fiscal year 2003 is projected
to be in the range of $1.26 to $1.31, unchanged from previous
guidance. This guidance represents a year-over-year diluted earnings
per share increase in the range of 21.2% to 26.0% versus fiscal year
2002.
</FONT></TD>
</TR>
</TABLE>

<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%" nowrap align="right"><FONT size="2"><FONT face="Wingdings">l</FONT></FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2"><B>Merchandise Inventories</B>
</FONT></TD>
</TR>
</TABLE>

<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%" nowrap align="right"><FONT size="2"><FONT face="Wingdings">&#113;</FONT></FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">Merchandise inventories at the end of fiscal year 2003 are
projected to increase in the range of 20% to 25% versus merchandise
inventories at the end of fiscal year 2002. This is unchanged from
previous guidance.
</FONT></TD>
</TR>
</TABLE>

<P align="center"><FONT size="2">9
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%" nowrap align="right"><FONT size="2"><FONT face="Wingdings">l</FONT></FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2"><B>Capital Spending</B>
</FONT></TD>
</TR>
</TABLE>

<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%" nowrap align="right"><FONT size="2"><FONT face="Wingdings">&#113;</FONT></FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">Capital spending for fiscal year 2003 is projected to be in
the range of $215&nbsp;million to $225&nbsp;million, unchanged from previous
guidance.
</FONT></TD>
</TR>
</TABLE>

<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%" nowrap align="right"><FONT size="2"><FONT face="Wingdings">l</FONT></FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2"><B>Depreciation and Amortization</B>
</FONT></TD>
</TR>
</TABLE>

<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%" nowrap align="right"><FONT size="2"><FONT face="Wingdings">&#113;</FONT></FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">Depreciation and amortization expense for fiscal year 2003 is
projected to be approximately $100&nbsp;million, unchanged from previous
guidance.
</FONT></TD>
</TR>
</TABLE>

<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%" nowrap align="right"><FONT size="2"><FONT face="Wingdings">l</FONT></FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2"><B>Amortization of Deferred Lease Incentives</B>
</FONT></TD>
</TR>
</TABLE>

<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%" nowrap align="right"><FONT size="2"><FONT face="Wingdings">&#113;</FONT></FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">Amortization of deferred lease incentives for fiscal year
2003 is projected to be approximately $19&nbsp;million, unchanged from
previous guidance.
</FONT></TD>
</TR>
</TABLE>

<P><TABLE width="20%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="1%" nowrap align="right"><FONT size="2"><FONT face="Wingdings">&#113;</FONT></FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap><FONT size="2"><B>STOCK REPURCHASE PROGRAM</B>
    <HR style="margin-top: -7.5px; margin-bottom: 7.5px;" align="left" size="2" noshade>
</FONT></TD>
</TR>
</TABLE>

<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2">In January&nbsp;2003, the Board of Directors authorized a stock repurchase program
to acquire up to four million shares of our outstanding common stock in the
open market. During the fourth quarter of fiscal year 2002, we repurchased and
retired two million shares of our common stock under the program. In December
2003, we repurchased and retired an additional 1,332,800 shares. At January&nbsp;8,
2004, the remaining authorized amount of stock eligible for repurchase was
667,200 shares. Future repurchases under this program will be made through
open market transactions at times and amounts that we deem appropriate. The
timing and actual number of shares to be repurchased in the future will depend
on a variety of factors such as price, corporate and regulatory requirements,
and other market conditions. We may terminate or limit the stock repurchase
program at any time without prior notice.
</FONT>


<P><TABLE width="30%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="1%" nowrap align="right"><FONT size="2"><FONT face="Wingdings">&#113;</FONT></FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap><FONT size="2"><B>FORWARD-LOOKING STATEMENTS</B>
    <HR style="margin-top: -7.5px; margin-bottom: 7.5px;" align="left" size="2" noshade>
</FONT></TD>
</TR>
</TABLE>

<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2">This press release contains forward-looking statements that involve risks and
uncertainties, as well as assumptions that, if they never materialize or prove
incorrect, could cause our results to differ materially from those expressed or
implied by such forward-looking statements. Such forward-looking statements
include, without limitation, statements related to inventory positions and
inventory management disciplines, increases in leased square footage, the
launch of a new concept, opening of additional stores, our growth plans, trends
in our business, our ability to drive sales and earnings growth and generate
sustained long-term value for our shareholders, the guidance and statements
regarding our revenues, earnings per share and other financial and operating
results and metrics, and statements related to the effect of FIN 46 on our
financial statements.
</FONT>


<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2">The risks and uncertainties that could cause our results to differ materially
from those expressed or implied by such forward-looking statements include,
without limitation, our ability to anticipate consumer preferences and buying
trends; dependence on timely introduction and customer acceptance of our
merchandise; construction and other delays in store openings; competition from
companies with concepts or products similar to our concepts and products;
timely and effective sourcing of merchandise from our foreign and domestic
vendors and delivery of merchandise through our supply chain to our stores and
customers; effective inventory management commensurate with customer demand;
successful catalog management, including timing, sizing and merchandising;
uncertainties in Internet marketing, infrastructure and regulation; changes in
consumer spending based on weather, economic, political, competitive and other
conditions beyond our control; multi-channel and multi-brand complexities;
dependence on external funding sources for operating capital; our ability to
control employment, occupancy and other operating costs; our ability to improve
and control our systems and processes; general political, economic and market
conditions and events, including war or conflict; and other risks and
uncertainties contained in our public announcements, reports to shareholders and other
</FONT>

<P align="center"><FONT size="2">10
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2">
documents filed with and furnished to the Securities and Exchange Commission,
including our Annual Report on Form 10-K for the fiscal year ended February&nbsp;2,
2003 and quarterly report on Form 10-Q for the fiscal quarter ended November&nbsp;2,
2003. All forward-looking statements in this press release are based on
information available to us as of the date hereof, and we assume no obligation
to update these forward-looking statements.
</FONT>

<P><TABLE width="25%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
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   <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
   <TD nowrap><FONT size="2"><B>ABOUT WILLIAMS-SONOMA</B>
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<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2">Williams-Sonoma, Inc. is a nationwide specialty retailer of high quality
products for the home. These products, representing seven distinct merchandise
strategies, Williams-Sonoma, Pottery Barn, Pottery Barn Kids, PBTeen, Hold
Everything, West Elm and Chambers, are marketed through 523 stores, eight mail
order catalogs and five e-commerce web sites.
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