Increased ticket, traffic drives up Pier 1 comps
FORT WORTH, Texas -- Pier 1 Imports reported significant gains in fourth-quarter and full-year comps due to increases in average ticket, conversion and traffic.
The company reported that comparable-store sales for the fourth quarter ended Feb. 26 increased 8.9% compared with last year’s comparable-store sales increase of 6.5% for the fourth quarter ended Feb. 27, 2010. Total sales for the quarter improved to $427 million compared with $396 million in the year-ago quarter.
For the fiscal year ended Feb. 26, total sales were $1.4 billion compared with total sales of $1.3 billion last fiscal year. Comparable-store sales increased 10.9% for the fiscal year compared with a comparable-store sales increase of 1.5% last fiscal year.
Pier 1 said it expects fourth-quarter earnings to be in a range of 47 cents to 48 cents per share versus last year’s fourth-quarter reported earnings of 30 cents per share.
Alex Smith, president and CEO, commented, “Fiscal 2011 has been an outstanding year for Pier 1 Imports and we are delighted to end the year with a bumper fourth quarter – our most successful in seven years.”