Q2 results leave Pier 1 confident heading into holidays
FORT WORTH, Texas — Pier 1 reported sales and earnings growth for its second quarter, leaving president and CEO, Alex Smith confident about the future of the company heading into the holiday season.
Alex Smith, president and CEO, commented, “We are very pleased with the results of our second quarter. Sales growth and merchandise margins remain strong, and we continue to demonstrate the strength and sustainability of our business. Our growth plan is firmly on track, and we have returned value to our shareholders through the completion of our $100 million share repurchase program. It is hard to predict how the economy will fare over the next several months, but we fully expect our business to be successful through the fall and holiday selling season.”
Pier 1 Imports reported that net income for its second quarter ended Aug. 27 was $16.6 million, or 14 cents per share, compared with net income of $14.4 million, or 12 cents per share, for the same period last year. Total sales for the second quarter were $339.6 million, a 9.6% increase from $309.9 million in the year-ago quarter. Comparable-store sales increased 10.8% during the second quarter compared with last year’s comparable-store sales increase of 11.2% for the same period. According to the company, the sales increase for the quarter was primarily the result of increases in store traffic and average ticket.
For the year-to-date period, the company reported net income of $30.7 million, or 26 cents per share, compared with net income of $22.1 million, or 19 cents per share, for the same period last year. Total sales for the first six months increased 9.4% to $674.2 million from $616.1 million in the year-ago period. Comparable-store sales for the first six months increased 10.5% compared with last year’s comparable-store sales increase of 12.7% in the year-ago period.