Pier 1 Reports Strong 4Q

April 7, 2011  by in UnCategorized   

By Home Furnishings Business in Financial Reports on April 8, 2011

Home furnishings retailer Pier 1 Imports (NYSE: PIR) reported fiscal 2011 fourth-quarter sales of $426.6 million, a 7.7 percent increase over the prior-year period.

In a release of sales and earnings for Pier 1's quarter and fiscal year ended Feb. 26, the Fort Worth, Texas-based retailer said fourth quarter net income jumped $57.1 million from last year's comparable net income of $34.5 million. Same-store sales rose 8.9 percent for the period versus last year's increase of 6.5 percent.

For the fiscal year ended Feb. 26, Pier 1 reported net income of $100.1 million on $1.396 billion in sales, compared with $86.8 million on $1.29 billion in sales the prior year. Comparable store sales for the fiscal year increased 10.9 percent compared with a comparable store sales increase of 1.5 percent last fiscal year. The sales increase for the year was primarily the result of increases in store traffic, conversion rate and average ticket.

Alex W. Smith, President and Chief Executive Officer, commented, "Our fiscal 2011 year was truly an exceptional year--we achieved annual operating income for the first time in six years," said President and CEO Alex W. Smith. "Comparable store sales increases, strong merchandise margins and effective cost controls contributed to the more than $100 million improvement in operating income over last year. Our new year is off to a good start and our spring and Easter assortments are resonating with our customers. Although the Easter holiday falls into April this year, March comp store sales increased 11.3 percent on top of last year's March comp store sales increase of 19.4 percent."