Fort Worth, Texas – Snowstorms that affected as many as two-thirds of the selling days in the fourth quarter of fiscal 2014 in some key markets dampened financial performance at Pier 1 Imports Inc.
Compared to the same period the prior year, net income fell 31% to $42.6 million from $61.7 million. Total sales fell 6% to $515.8 million from $551.6 million and same-store sales dropped 4.6%.
During the full fiscal year 2014, net income declined 17% to $107.5 million from $121.4 million. However, total sales rose 4% to $1.77 billion from $1.7 billion and same-store sales climbed 2.4%.
“Fiscal 2014 was a transformational year for Pier 1 Imports,” said Alex W. Smith, president and CEO. “Through our ‘1 Pier 1’ strategy we have evolved our operating model from a broad and productive portfolio of Pier 1 Imports stores to a true omni-channel retail business. During the year we added new functionality and services to our e-commerce capabilities and began positioning our stores as facilitators and ambassadors for Pier1.com. We are working hard to improve the Pier 1 Imports brand experience in every way – strengthening our store portfolio with new and relocated stores and continually enhancing our ability to provide customers with a seamless shopping experience.”
Pier 1 expects same-store sales growth in the mid-single-digit range for fiscal 2015.