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Feb. sales rise for Pier 1, Havertys, fall at Bombay

By Furniture Today Staff -- Furniture Today, March 10, 2002

FORT WORTH, Texas — Specialty retailers Pier 1 Imports and The Bombay Company, both based here, reported February sales of $112.8 million and $25.5 million, respectively. Same-store sales were up 17.2% for Pier 1 and down 15% for Bombay.

For the four-week period ended March 2, Pier 1's sales were up 25% from the comparable 2001 period and Bombay's were off 7%.

Fourth-quarter sales for Pier 1 were $478.6 million, up 11.2% from the year-earlier period, with same-store sales increasing 10.2%. Fiscal year sales grew 9.7% to $1.5 billion, with same-store sales up 4.5%.

Marvin Girouard, Pier 1's chairman and chief executive officer, said February sales momentum built throughout the month, with the final week "the best, far exceeding our expectations, with the end of the annual bedroom sale and the beginning of our March dining sale."

Bombay Chairman and CEO Carmie Mehrlander said, "February sales were negatively impacted by an ineffective marketing campaign and lower levels of clearance inventory."

Mehrlander said the company expects "an improving sales trend during the month of March with the arrival in homes of the spring catalog and the infusion of new product. In addition, we are reviewing and strengthening our marketing programs for the spring and the remainder of the year."

Atlanta-based Havertys reported February sales of $58.8 million, up 8.7% from a year ago. Same-store sales rose 8.2%. Sales for the first two months of the year were up 5.6% to $116 million, with same-store sales growing 4.7%.

Jay Slater, chairman and CEO of Havertys, said February sales were better than expected, but the company wasn't changing its earnings forecast for the quarter because it now expects to record some costs in the current quarter for vacating leased local market warehouses in September through March 2003.

Slater added that Havertys was leasing an additional HomeLife location in Orlando, Fla., bringing the company's initial presence in that market to three stores, all of which should open during this year's third quarter.

Sears Canada, based in Toronto, reported February sales of C$417.3 million, with same-store sales increasing 0.4%. CEO Mark Cohen said, "Furniture, appliances, hardware, sporting goods and toys recorded double-digit growth in sales in February."

Retailers report February sales
Company	Sales	Change	Same-store change
Sears Canada¹	C$417.3	0.8%	0.4%
Pier 1²	$112.8	25.0%	17.2%
Havertys	$58.8	8.7%	8.2%
Bombay²	$25.5	-7.0%	-15.0%
^1. In Canadian dollars. For the four weeks ended Feb. 23.
^2. For the four weeks ended Mar. 2.
Source: Retailers

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