Williams-Sonoma, Inc. (NYSE:WSM) stock rose Wednesday as the retailer delivered stronger-than-expected third-quarter results, posting diluted EPS of $1.96 versus the $1.86 estimate and revenue of $1.883 billion, which topped the $1.866 billion forecast. The stock has since given up its gains and is now trading lower. 

The company’s third-quarter performance was underpinned by steady consumer demand across its home furnishings portfolio, lifting comparable brand revenue by 4.0% and pushing GAAP diluted EPS up 4.8% from the same period last year.

Gross margin improved to 46.1%, up 70 basis points, supported by higher merchandise margins and supply chain efficiencies.

Related: Williams-Sonoma Likely To Report Lower Q3 Earnings; These Most Accurate Analysts Revise Forecasts Ahead Of Earnings Call

SG&A expenses increased 7.0% to ...