Pier 1 Second Quarter Sales Climb to $310 Million

September 1, 2010  by in UnCategorized   

By Home Furnishings Business in Financial Reports on September 2, 2010 Pier 1 Imports (NYSE: PIR) reported total sales of $310 million for the second quarter ended Aug. 28, compared to $287 million in the same quarter last year.

Same-store sales for the quarter increased 11.2 percent compared to last year's comparable store sales decline of 7.6 percent. Same-store sales for the first six months increased 12.7 percent compared to a decline of 7.5 percent in the same period last year.

Total sales for the first half of the year increased to $616 million from $568 million for the same period last year.

"We are extremely pleased with our comp store sales results for the second quarter," said Alex Smith, president and chief executive officer. "August was particularly strong with the biggest comp of the quarter. We continue to see strengths in all parts of the country and in all merchandise categories€”with improvements in traffic, conversion and ticket. We are especially pleased to be showing positive comps on a two-year basis. Merchandise margins were solid and consistent throughout the quarter. We look forward to discussing our second quarter results in detail during our upcoming conference call."

Pier 1 will host a conference call Sept. 16 at 10 a.m. Central time. Interested parties can connect to the call through the retailer's investor relations section on the company's Web site.

The retailer has posted the press release online at its Web site.