Pier 1 Same-Store Sales in 1Q Climb 14.3%

June 2, 2010  by in UnCategorized   

By Home Furnishings Business in Furniture Retailing on June 3, 2010 Pier 1 Imports (NYSE: PIR) reported same-store sales for the first quarter ended May 29 climbed 14.3 percent.

Last year's comparable-store sales dropped 7.5 percent for the first quarter ended May 30, 2009.

Total sales for the quarter improved to $306 million, compared to $281 million in the same quarter last year.

"We are extremely pleased with our first quarter sales increases," said Alex Smith, president and CEO, said. "Comp store sales continue to be driven by consistent increases in conversion rate, average ticket and traffic. As previously reported, March sales benefited from the earlier Easter holiday but business was solid throughout April and May ending with a strong Memorial Day weekend. All major merchandise categories performed well during the quarter and the variations in the performance geographically were much less than last year. We look forward to discussing our first quarter results in detail during our upcoming conference call."

The retailer will host a conference call to discuss its first quarter results June 17 at 11 a.m. Eastern time.