Pier 1 continues comps streak
FORT WORTH, Texas — Pier 1 Imports continued its streak of strong same-store sales for the third quarter, reporting that same-store for the quarter ended Nov. 26 sales increased 7% versus last year’s increase of 10.2%. Net income for the quarter was $23 million, or 21 cents per share, which included an income tax provision of $12.4 million. Net income for the third quarter last year was $21 million, or 18 cents per share, which included an income tax provision of $0.5 million due to the company’s federal net operating loss tax carry-forward position.
Alex Smith, president and CEO, commented, “We are very pleased with the results of our third quarter. Our strong product assortments, the right balance of regular and promotional pricing and a great store experience are driving robust sales and merchandise margin growth. December sales so far are strong and we expect this trend to continue for the final 10 days leading up to Christmas. Our growth plan is on track as we execute our business model with increasing finesse. Operating margins and sales per retail square foot continue to grow. Pier 1 To-Go, which allows customers to order online and pick-up and pay in-store, is positively impacting top line sales and our new e-commerce enabled site will launch next summer. We look forward to discussing our third quarter results in more detail and providing updates to the balance of the year and our three-year growth plan initiatives later this morning on our conference call.”