Pier 1 continues on comps upswing

FORT WORTH, Texas — Pier 1 Imports continues on a positive trajectory, reporting its 12th consecutive quarter of earnings and same-store sales growth.

For the second quarter, the company reported net income of $26.2 million, or 24 cents per share, compared with net income of $16.6 million, or 14 cents per share, for the same period last year.

Pier 1 reported that total sales increased 8.3% to $367.6 million from $339.6 last year. Comparable store sales increased 6.7% during the second quarter on top of last year’s 10.8% gain. The company said increases in store traffic and higher average ticket helped boost sales in the second quarter.

“We are pleased to report our 12th consecutive quarter of strong comparable-store sales gains and profit growth,” said Alex Smith, president and CEO. “Our sound strategies and focus on flawless execution ideally position the Company to achieve continued growth and long-term success. Now, with the recent launch of the new e-Commerce enabled Pier1.com, we have two powerful growth vehicles – our enhanced portfolio of 1,058 Pier 1 Imports stores and our new online business.”

For fiscal 2013, the company is expecting comparable-store sales growth in the mid single-digit range and earnings per share on a GAAP basis in the range of $1.15 to $1.21. Non-GAAP earnings per share are expected to range from $1.10 to $1.16.