Pier 1 Posts 3Q Income of $26.8 Million

December 19, 2013  by in Financial Reports, Furniture Retailing, Industry   

Sales for the quarter climbed 9.6 percent to $465.5 million, compared to third-quarter sales of $424.5 million last year.

Comparable store sales increased 6.9 percent compared to last year's comparable store sales gain of 7.9 percent. Comparable store sales results for the period were primarily attributable to increases in conversion rate and higher average tickets.

"We're pleased to deliver solid third quarter financial results," said Alex W. Smith, president and CEO. "Our unique and special merchandise assortments created a well-positioned value offer that resonated with our customers. Our more overtly promotional marketing stance drove strong traffic, and our store and e-commerce teams delivered on conversion. In fact, this year marked a new, all-time sales record for both Black Friday and the full post-Thanksgiving weekend."

Smith said the company's omni-channel strategy is paying dividends, and said the company's e-commerce Web site continues to outperform expectations with a 4 percent increase in third quarter sales.

For the 39-week period ended Nov. 30, the company reported net income of $64.9 million, compared to $67.7 million in the same period last year. Sales for the 39 weeks increased 8.9 percent to $1.3 billion compared to $1.2 billion during the same period last year.

The entire earnings release can be found online.