Pier 1 Posts 11.8% Total Sales Increase for 4Q

February 29, 2012  by in UnCategorized   

By Home Furnishings Business in Financial Reports on March 1, 2012 Specialty home furnishings retailer Pier 1 Imports (NYSE: PIR) reported total sales or $477 million for the fourth quarter ended Feb. 25, an increase of 11.8 percent compared to $427 million in the year-ago period.

Same-store sales for the fourth quarter increased 10.3 percent compared to last year's comparable store sales increase of 8.9 percent.

The retailer expects to release its complete fourth quarter and year-end earnings April 5.

For the fiscal year ended Feb. 25, total sales increased 9.8 percent to $1.5 billion from $1.4 billion last year. Same-store sales increased 9.5 percent for the fiscal year compared to a comparable store sales increase of 10.9 percent last fiscal year.

According to the company, gross profit is expected to be about 45.5 percent of sales for the fourth quarter compared to 42.8 percent of sales for the fourth quarter last year.

"Fiscal 2012 has been another excellent year for Pier 1 Imports and we are delighted to end our year with strong fourth quarter sales results," said Alex W. Smith, president and CEO. "Merchandise margins remained strong throughout the quarter and will be approximately 59.5 percent of sales. Our spring, outdoor and Easter product assortments are pacing ahead of last year and we feel very confident this momentum will carry into the first quarter as we start our new fiscal year."