There's plenty for shoppers to like about Williams-Sonoma(NYSE: WSM). Whether it's the flagship store, Pottery Barn, West Elm, or Hold Everything that suits your style, the company has something to sell to just about anyone.

But that's not enough. Williams-Sonoma announced that fiscal first-quarter earnings will be greatly reduced from previous expectations.

"Coin" for the quarter is expected to tally just $0.07 to $0.08 in earnings per share, about half of previous guidance. Same-store sales (or "comps") are expected to take a hit, landing somewhere between down 2% to up a mere 1%. Same-store sales rose 2.4% in 2002.

But all is not sales tag desperation. Management looked into its crystal ball and projected fiscal 2003 earnings would meet existing estimates, ringing in at $1.23 per share on net revenue of approximately $2.68 billion. Same-store sales for the year are predicted to rise 1% to 3%.

Additionally, fiscal fourth-quarter net income topped estimates, rising nearly 15% to $0.67 per share, or $80 million. Revenue rose 10.4% to $859 million.

So, what's with the first quarter showin' us attitude? Excuses weren't elucidated, but given how retail is hurting nationwide, the culprits are easy to finger: a weak economy, recent poor weather, and a nervousness about war that just makes buying new lamps and other accessories less of a priority.

Unless -- perhaps -- you're a teenager. In concert with today's news, ol' W-S shared word that it's launching a new catalog, PBteen, especially for teens. It will sell bedroom, lounge area, and study room products that aim to reflect teens' personalities, styles, and interests.

The catalog, launching April 21, is meant to speak to teenagers with the voice of a teen magazine. Like, whatever. Good luck, dawg. Given how difficult it is to nail down teen tastes, hopefully W-S kept the investment small.

At $21, its stock trades at a forward multiple of 17 times earnings -- not small.