Pier 1 2Q Sales Up

August 29, 2012  by in UnCategorized   

By Home Furnishings Business in Furniture Retailing on August 30, 2012

Specialty home retailer Pier 1 Imports reported sales for the second quarter ended Aug. 25 of $368 million, a 8.3 percent increase from the sales of $340 million in the same quarter last year.

Same-store sales climbed 6.7 percent compared to an increase of 10.8 percent for the second quarter last year.

Total sales for the first six months increased to $729 million from $674 million for the same period last year. Merchandise margins for the second quarter are expected to be approximately 60.1 percent of sales, up from last year's second quarter merchandise margins of 59.4 percent of sales.

Gross profit is expected to be about 41.2 percent of sales for the second quarter versus 39.6 percent of sales for the second quarter of last year.

"We are very pleased with our profitable sales growth this quarter, which reflects strong execution across all aspects of the organization," said Alex Smith, president and CEO. "Our stores have transitioned from summer to fall and customers have responded favorably to our new assortments."

The retailer will host a conference call Sept. 13 at 10 a.m. Central time to discuss its complete second quarter financial results.