Pier I Q1 earnings up; raises guidance

Fort Worth, Texas -- Pier 1 Imports announced a 14% jump in fiscal first-quarter earnings on Thursday and upgraded its full-year guidance.

The company reported net income of $20.3 million for the first quarter ended June 1, compared to $17.8 million for the year ago period.

Total sales were $395 million, a 9.3% increase from $361 million in the prior year quarter. Same-store sales rose 5.9% on stronger store traffic and higher average tickets.

“The continued improvement of our gross profit speaks to the success of our merchandising strategies, both in-store and online, and reflects strong full-price selling during the period,” said president and CEO Alex W. Smith.
Smith added that he is pleased with the company’s ongoing progress it is making toward building out its multichannel functionality.

“The rollout of our new point-of-sale system is on track for completion later this summer; we will then begin the integration of our stores and e-Commerce businesses, laying the foundation to provide a seamless and significantly enhanced shopping experience for our customers.”  

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