Daily News
From Home Furnishing Business
Pier 1 2Q Income Sinks
September 18,
2014 by in Financial Reports, Furniture Retailing, Industry 
Specialty home furnishings retailer Pier 1 Imports reported net income of $9.2 million for the second quarter ended Aug. 30, a 48 percent decrease from net income of $17.8 million reported in the second quarter of last year.
Net sales for the quarter were $418.6 million, a 5.8 percent increase versus $395.6 million in the same period last year.
Net income for the first half of the year was $24.2 million, a nearly 37 percent decrease from net income of $38.2 million in the first six months of last year.
The company's net sales for the fist six months were $837.7 million, a 6 percent increase compared to net sales of $790.5 million in the first half of last year.
Alex Smith, president and CEO, said the results for the quarter "cam in below our expectations" due to light store traffic and declines in merchandise margins.
The retailer's complete earnings report is available online.