Pier 1 December Sales Slide 10.9%

January 3, 2007  by in UnCategorized   

By Home Furnishings Business in Furniture Retailing on January 2007 Pier 1 reported sales for the five-week period ended Dec. 30 declined 10.9 percent to $242.5 million from $272.3 million during the same period in 2005.

In addition, same-store sales declined 10.7 percent. Year-to-date sales of nearly $1.4 billion were down 9.8 percent from $1.5 billion last year, and comparable-store sales declined 11.4 percent.

“Although early December sales trends, driven primarily by holiday-related items, were better than we had experienced in prior months, sales of our core home furnishing related items did not improve,” said Marvin Girouard, the specialty retailer’s chairman and chief executive officer. “Overall, sales were very promotional, resulting in the strong sell-through of seasonal merchandise and continued inventory control.”

Girouard said the retailer has started its January clearance and is focused on keeping inventory levels “on plan as we being to receive the new spring merchandise.”