Pier 1 Profitable Again in 2Q

September 15, 2010  by in UnCategorized   

By Home Furnishings Business in Financial Reports on September 16, 2010

Home furnishings retailer Pier 1 Imports (NYSE: PIR) reported second-quarter 2010 sales of $309.9 million, an 8.1 percent gain over the prior-year period.

The Fort Worth, Texas-based retailer also recorded its fourth consecutive profitable quarter, with second-quarter net income of $14.4 million, compared with a loss of $15.8 million in second quarter 2009.

"We are happy to report net income for our fourth consecutive quarter and second quarter operating income for the first time in six years," said Pier 1 President and CEO Alex W. Smith. "Our return to profitability and beyond is firmly on track--we are all extremely upbeat about short and long-term prospects for our company."

Through its fiscal first half, ended August 28, Pier reported net income of $22.1 million, versus net income of $13.5 million, for the same period last year, which included a $49.7 million gain on the repurchase of debt and a $10 million litigation recovery. Total sales for the first six months increased 8.5 percent to $616.1 million from $567.8 million in the year-ago period. Comparable store sales for the first six months increased 12.7 percent compared to a comparable store sales decline of 7.5 percent in the year-ago period.