Daily News
From Home Furnishing Business
Pier 1 3Q Profit Slips
December 19,
2014 by in Financial Reports, Furniture Retailing, Industry 
Specialty home furnishings retailer Pier 1 Imports (NYSE: PIR) third quarter net income fell to $17.9 million compared to net income of $26.8 million for the same period last year.
Net sales for the quarter ended Nov. 29 were $484.5 million, a 4.1 percent increase compared to $465.5 million in the year-ago quarter.
The company has been making a big push with its e-commerce business, and online sales accounted for 12 percent of the quarter’s total sales.
“Our ambitious omni-channel transformation continues to progress well,” said Alex W. Smith, president and CEO. “Notably, over 60 percent of our e-commerce transactions touched the stores during the period. Importantly, this quarter saw a return to a more balanced mix of full and promotional pricing. We are confident that the value proposition created by our exclusive and unique product remains strong, and our refined promotional strategy —which benefited this period — will contribute to gradual improvement in our gross margin rate over the coming quarters. We have in our stores and online business two mutually supportive and interdependent vehicles to drive long-term, profitable growth.”
The entire earnings release is available online.