Daily News
From Home Furnishing Business
Pier 1 3Q Income Drops on Lower Sales
December 17,
2015 by in Financial Reports, Industry 
Specialty home furnishings retailer Pier 1 (NYSE: PIR) posted net income of $10.9 million for the third quarter ended Nov. 28 compared to net income of $17.9 million in the third quarter last year.
Third quarter net sales slid 2.5 percent to $472.5 million compared to $484.5 million in the same period last year. Same store sales dropped 0.7 percent.
“Our sales slowed in the third quarter, primarily reflecting soft store traffic,” said Alex Smith, president and CEO. “Notwithstanding, we’re pleased with store conversion – a testament to the exemplary job our store teams did in engaging with Pier 1 Imports’ customers. E-Commerce sales continued to demonstrate strong growth and represented approximately 16 percent of total sales in the period. Although top line results did not meet our expectations, strict expense control enabled us to deliver earnings per share within our guidance range.”
The complete earnings report is available online.