What Williams-Sonoma, Inc. told the SEC could break it.

81% of Williams-Sonoma's merchandise is foreign-sourced — ~19% China, 16% Vietnam, 15% India, 31% rest of world (largest single supplier only ~3% of purchases) — exposing it to foreign-supplier disruption, FX and trade-policy risk.

“We purchase most of our merchandise from numerous foreign and domestic manufacturers and importers, the largest of which accounted for approximately 3% of our purchases during fiscal 2025. Approximately 19% of our products were produced in the U.S. in fiscal 2025. The remaining 81% of our merchandise purchases were sourced from foreign suppliers, with approximately 19% from China, 16% from Vietnam, 15% from India, and 31% from the rest of the world.”

Williams-Sonoma outsources payroll processing, digital advertising, distribution and delivery — in some cases to a single or limited number of suppliers — where transitioning to alternatives may be difficult, costly or infeasible.

“we utilize outside suppliers for such things as payroll processing, email and other digital advertising and various distribution facilities and delivery services. In some cases, we rely on a single supplier or a limited number of suppliers for such services, and transitioning to alternative providers may be difficult, costly, time-consuming or not feasible.”

Many countries Williams-Sonoma sources from are subject to U.S. tariffs; the evolving fiscal 2025 tariff landscape flowed through to higher cost of goods sold (and ~$125.9M of higher tariff-inclusive inventory spending), partly offset by mitigation efforts.

“The evolving tariff landscape during fiscal 2025 had an impact on our business. While our tariff mitigation efforts reduced the overall effect, tariffs impacted our Consolidated Statement of Earnings in fiscal 2025, due to the flow-through of higher tariffs into cost of goods sold.”

About 65% of Williams-Sonoma's net revenue is e-commerce, and its success depends in part on a limited number of key third-party digital platforms over which it has limited control.

“Approximately 65% of our net revenues were generated by e-commerce sales in fiscal 2025. The success of our e-commerce business depends, in part, on third parties, platforms and factors over which we have limited control, including a limited number of our key digital platforms.”