Daily News
From Home Furnishing Business
E-Commerce Helps Drive Pier 1 Sales
June 19,
2014 by in Financial Reports, Furniture Retailing, Industry 
Home furnishings retailer Pier 1 Imports (NYSE: PIR) net income of $15.1 million for the first quarter ended May 31 compared to $20.3 million during the prior year period.
Net sales for the quarter $419.1 million, a 6.1 percent increase compared to $349.9 million in the first quarter last year.
Same-store sales climbed 6.3 percent during the quarter.
The company said its online sales continue to grow as its stores serve as a "gateway" to its e-commerce site. Alex Smith, president and CEO, said he expects that portion of the business to continue on its growth trajectory.
"Given the momentum we are experiencing, we now anticipate that sales through Pier1.com will exceed $200 million in fiscal 2015," Smith said. "Nevertheless, the retail environment remains highly promotional and is pressuring gross profit in the near-term. As a result, we are adjusting our full-year earnings forecast accordingly.”
The entire earnings release is available online.