Alber said that her team has shown incredible agility in the face of the pandemic. While they've always known that e-commerce was going to be their strength. Online sales grew by 46% in the quarter and now account for 76% of total sales.
That's not to say that physical stores aren't important, however. Alber said their stores are experiential: They allow for omni-channel services and also act as mini distribution centers that support their digital-first priorities.
We looked at WSM on August 17 and recommended that traders, "Continue to hold longs in WSM and raise stop protection to a close below $85 now. Our targets are the $105 area and the $187 area longer-term."
Let's check out the charts to see if anything has changed.
In the daily bar chart of WSM, below, we can see that the shares have recently pulled back. Prices could dip further to test the rising 50-day moving average line and maybe even the sideways consolidation area from $84 to $78 in June and July. The slope of the 200-day moving average line is positive and the line intersects down around $71.
The On-Balance-Volume (OBV) line has been steady in August so we are not seeing a shift from aggressive buying to aggressive selling. The Moving Average Convergence Divergence (MACD) oscillator is above the zero line but crossing to the downside for a take profits sell signal.