Traffic, ticket increases drive up Pier 1 comps
FORT WORTH, Texas — Comps continue to improve at Pier 1 Imports, thanks to increased traffic and average ticket size. The company reported that comparable-store sales for the third quarter increased 7%. This was on top of a 10.2% comps increase in the prior-year period. Total sales for the quarter increased 8.2% to $383 million compared with $354 million in the year-ago quarter.
The company said it expects third-quarter earnings to be in a range of 20 cents to 21 cents per share, up from the company’s previously reported estimate of 18 cents per share.
Alex W. Smith, President and Chief Executive Officer, commented, “We are very pleased with our third quarter. Our strong assortments and the right balance between regular and promotional pricing drove strong sales and merchandise margin growth. Consequently, earnings per share are now anticipated to be ahead of our previous estimate. Thanksgiving weekend, the gateway to the holiday season, was excellent with comp-store sales for our three-day event increasing 10% from last year. This was achieved with modest levels of discount – further testament to the quality of our product offering and store experience. We look forward to discussing our third quarter results and providing an update to the balance of the year during our upcoming conference call.”