Daily News
From Home Furnishing Business
Pier 1 4Q, Fiscal 2014 Income Drops
April 10,
2014 by in Financial Reports, Furniture Retailing, Industry 
Specialty home furnishings retailer Pier 1 (NYSE: PIR) reported net income of $107.5 million for the fiscal year ended March 1 a nearly 17 percent decline compared with $129.4 million in the fiscal 2013.
Net sales for the year climbed 3.9 percent to nearly $1.8 billion when compared to net sales of $1.7 billion in the prior year.
Net income for the fourth quarter ended March 1 was $42.6 million a nearly 31 percent decline from net income of $61.7 million in the same quarter last year.
Fourth quarter net sales were $515.8 million a 6.5 percent drop compared to $551.6 million in the same quarter last year.
"We concluded the year with a difficult fourth quarter – due to an unusually high number of snowstorms which impacted approximately two-thirds of our selling days in many of our key markets," said Alex Smith, Pier 1 president and CEO. "However, our teams executed extremely well through the holidays, and we are pleased and proud of their hard work and dedication during our most critical selling period of the year.”
The complete earnings release is available online.