Pier 1 Has Strong Q2 Sales

August 31, 2011  by in UnCategorized   

By Home Furnishings Business in Financial Reports on September 1, 2011

Home furnishings retailer Pier 1 Imports (NYSE: PIR) reported fiscal second-quarter 2011 sales of $340 million, an 8.8 percent increase over the same period in 2010.

Fort Worth, Texas-based Pier 1 saw comparable store sales increase of 10.8 percent for the period ended August 27, and that on top of second-quarter 2010's 11.2 percent increase.

Comparable store sales for the first six months increased 10.5 percent compared to a comparable store sales increase of 12.7 percent in the year-ago period. Total sales for the first six months increased to $674 million from $616 million for the same period last year.

The comparable store sales increase for the second quarter was driven primarily by increases in traffic and average ticket.

"We are very pleased with our second quarter sales results, which were consistent throughout every month of the quarter," said Alex W. Smith, president and CEO. "Merchandise margins remain strong across all merchandise categories. Halloween, fall and harvest merchandise was set in all stores by early August. Customers are reacting favorably to this merchandise, which bodes well for the second half of the year. We look forward to discussing our second quarter results and providing an update to the balance of the year during our upcoming conference call."