11:24 AM EDT, 03/13/2024 (MT Newswires) -- (Updates with the latest stock price movement in the headline and first paragraph.)

Williams-Sonoma ( WSM ) shares were up over 18% in recent Wednesday trading after the company posted better-than-expected fiscal Q4 results and increased its dividend.

The company reported fiscal Q4 non-GAAP earnings of $5.44 per diluted share, down from $5.50 a year earlier. Analysts polled by Capital IQ expected $5.16.

Net revenue for the quarter ended Jan. 28 was $2.28 billion, compared with $2.45 billion a year earlier. Analysts surveyed by Capital IQ expected $2.23 billion.

The company said it expects fiscal 2024 net revenue to range between a fall of 3% and a 3% increase.

Williams-Sonoma ( WSM ) also said it raised its quarterly dividend to $1.13 per share, payable May 24 to shareholders of record as of April 19.

The company's board also authorized a new $1 billion stock buyback plan, which supersedes Williams-Sonoma's ( WSM ) current authorization, it said.

Price: 285.63, Change: +44.58, Percent Change: +18.49