Pier 1 Imports Posts Quarterly Loss
New York City Pier 1 Imports on Thursday posted a worse-than-expected quarterly loss, hurt by weaker traffic in March and April, according to the Associated Press.
The retailer, which has been trying to turn around its business with store closures, job cuts and reduced marketing spending, expects “modest net income” before charges for the full year, the report said.
The loss narrowed to $32.8 million for the first quarter ended on May 31, compared with a year-earlier loss of $56.4 million. The results were helped by lower expenses and decreased promotional activity.
Sales fell to $310 million from $356 million, hurt by lower traffic in March and April because of a year-earlier promotional event. Pier 1 said traffic improved during May.
Same-store sales fell 5.4% in the quarter, but the company noted that same-store sales rose 7.5% in May.
Merchandise margins improved to 51.3% during the quarter from 45.5%a year earlier, reflecting lower promotional and clearance activity. Selling, general and administrative costs fell 17%.
Pier 1 offered to buy Cost Plus Inc. for about $88.4 million in stock earlier this month, but the operator of Cost Plus World Markets rejected the bid this week, saying it was not attractive financially or strategically, the report said.
Widow of Stater Bros. founder passes away
SAN BERNARDINO, Calif. Jack Brown, chairman and ceo of Stater Bros. Markets, has announced the passing of Elsie Stater, widow of Stater Bros’. founder Cleo Stater.
Brown stated, “We will miss Elsie’s visits and calls to us. She lived many years in San Bernardino and maintained her local friendships with once-a-month lunch dates. She will be missed by all of the Stater Bros. “Family” of Employees.”
Michaelson leaves FreshDirect
NEW YORK Steve Michaelson, who had been president and ceo, hs left web grocer FreshDirect. Previous to his post at FreshDirect he had been senior vp of marketing and merchandising at Weis supermarkets and, before that, marketing vp at Wegman’s.