Pier 1 Q3 Sales up 9.2%

November 30, 2011  by in UnCategorized   

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

Home furnishings retailer Pier 1 Imports (NYSE: PIR) reported third-quarter 2011 sales of $383 million, an 8.2 percent rise from the prior-year period.

Comparable store sales for the quarter ended Nov. 26 rose 7 percent. That's on top of a 10.2 percent increase in third-quarter 2010 for a three-year cumulative comparable store sales increase of 30.9 percent.

Pier 1, Fort Worth, Texas, revised its expectations of third-quarter earnings up to $0.20-$0.21 per share from the previously reported estimate of $0.18 per share.

Comparable store sales for the first nine months increased 9.2 percent, compared with a comparable store sales increase of 11.8 percent in the year-ago period. Total sales for the first nine months of fiscal 2011 increased 9 percent to $1.057 billion.

Pier 1 credited the comparable store sales increase for the third quarter primarily to increases in traffic and average ticket.

"We are very pleased with our third quarter," said Pier 1 President and CEO Alex Smith. "Our strong assortments and the right balance between regular and promotional pricing drove strong sales and merchandise margin growth. Consequently, earnings per share are now anticipated to be ahead of our previous estimate. Thanksgiving weekend, the gateway to the holiday season, was excellent with comp store sales for our three-day event increasing 10 percent from last year. This was achieved with modest levels of discount--further testament to the quality of our product offering and store experience.

The Company will announce fiscal 2012 third quarter financial results prior to market open on Dec. 15, and will host a conference call later that morning at 10 a.m. Central Time.