Pier 1 boosts net income, sales

Fort Worth, Texas – Pier 1 Imports boosted net income and sales during the third quarter of fiscal 2014 compared to the same period in the prior year, partially aided by strong Thanksgiving weekend performance. Net income totaled $26.8 million, up 13% from $23.7 million.

Total sales for the third quarter were $465.5 million, a 9.6% increase from $424.5 million in the year-ago quarter.

Same-store sales rose 6.9%, primarily attributable to increases in conversion rate and higher average ticket.

“We’re pleased to deliver solid third quarter financial results,” stated Alex W. Smith, president and CEO. “Our unique and special merchandise assortments created a well-positioned value offer that resonated with our customers. Our more overtly promotional marketing stance drove strong traffic, and our store and e-commerce teams delivered on conversion. In fact, this year marked a new, all-time sales record for both Black Friday and the full post-Thanksgiving weekend.”

Looking ahead, Pier 1 predicts total sales growth in the high single-digit range and same-store sales growth in the mid-single-digit range for the fourth quarter of fiscal 2014. For the full fiscal year, Pier 1 expects total sales growth in the high single-digit range and same-store sales growth in the mid-single-digit range.

 

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