Pier 1 4Q net income jumps 34%, sales up 11%
By Furniture Today Staff -- Furniture Today, April 28, 2002
FORT WORTH, Texas — Benefiting from consumers' desire to concentrate on the home following the Sept. 11 terrorist attacks, Pier 1 Imports posted a 34.3% increase in its fourth-quarter profits and revised its first-quarter earnings guidance upward.
Net income for the fourth quarter ended March 2 rose to $49 million, up from $36.5 million for the same period a year ago. Sales in the period were up 11.2% to $478.6 million, while same-store sales increased 10.2%.
For the year, Pier 1's sales grew 9.7% to $1.5 billion, and net income increased 5.9% to $100.2 million. Same-store sales were up 4.5%.
In a conference call with investors, Pier 1 Chairman and Chief Executive Officer Marvin Girouard called the year "challenging but rewarding."
He believes the consumer shift in buying patterns toward the home, combined with the home furnishings specialty retailer's appealing merchandising and marketing campaigns, led to its success.
He said furniture accounted for less than 40% of overall sales in the fourth quarter, noting the company has tried to keep it in the 40% range and avoid the up-and-down sales typical of many furniture stores.
For the quarter, Pier 1's operating income was 16.2% of sales, and gross profit margin was 44.3%, or 1.3% percentage points better than the same period a year ago, Girouard said.
The company ended the year with 974 stores, including units in the United Kingdom, Mexico and Puerto Rico, and 18 Cargo stores.
Separately, Pier 1 reported sales for the five-week period ended April 6 of $145.5 million, up 18.3% from the same period last year. Same-store sales for the period rose 10.3%.
The company revised its first-quarter earnings guidance to 18 to 20 cents per share. Analysts previously projected earnings of 16 cents per share.
| Quarter ended 3/2 | 2002 | 2001 | Change |
|---|---|---|---|
| Sales | $478,561,000 | $430,486,000 | 11.2% |
| Operating income | 88,447,000 | 69,593,000 | 27.1% |
| Net income | 49,016,000 | 36,489,000 | 34.3% |
| Earnings per share | 0.51 | 0.38 | 34.2% |
| Year ended 3/2 | 2002 | 2001 | Change |
| Sales | $1,548,556,000 | $1,411,498,000 | 9.7% |
| Operating income | 201,634,000 | 194,700,000 | 3.6% |
| Net income | 100,209,000 | 94,650,000 | 5.9% |
| Earnings per share | 1.04 | 0.97 | 7.2% |
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