FINANCE

Pier 1 Q4 profit down 46% without last year’s tax benefit

BY Marianne Wilson

Fort Worth, Texas — Pier 1’s fourth-quarter earnings fell 46% compared with last year, when the chain recorded a large, one-time tax benefit.

The company earned $61.7 million in the three months that ended March 2, compared with $115.2 million in last year’s quarter. Revenue rose 16% to $551.6 million. Same-store sales climbed 7.9%.

For the full year, Pier 1 earned $129.4 million on $1.7 billion in revenue.

For its current fiscal year, the chain expects to open 30 stores.

“Now that our transformation to a multichannel retailer is well underway, the business is at an important inflection point,” said Cary H. Turner, senior EVP and CFO. “This year, we will be making prudent investments, including additional headcount, to support our growth.

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FINANCE

Destination Maternity Q2 sales fall 2.1%

BY Staff Writer

Philadelphia — Destination Maternity its total sales for the second quarter fell 2.1% to $134.9 million from $137.8 million. The company attributed the drop to the closure of all of its remaining leased departments within Babies “R” Us stores in October, along with the closures of underperforming stores.

Despite the sales drop, Destination Maternity said it now expects its second-quarter profit to fall in the top half of its previously projected range of 38 cents to 44 cents per share, crediting tight management of its expenses.

The company said sales during the month of March were probably hurt by unseasonably cold weather in many parts of the country, the company said.

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OPERATIONS

Report: Three more execs leave J.C. Penney, including COO

BY Marianne Wilson

New York — Three executives who had previously worked with Ron Johnson at Apple and then joined him at J.C. Penney have left the embattled department store chain in the wake of Johnson’s ouster, the New York Post reported.

According to the report, Mike Kramer, COO, Daniel Walker, chief talent officer, and Mike Fishe, chief creative officer, left Penney on Wednesday. The newspaper said Kramer resigned, but that it was not clear whether Walker and Fisher left voluntarily.

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