Pier 1 same-store sales up, Bombay's flat
By Furniture Today Staff -- Furniture Today, September 10, 2001
FORT WORTH, Texas — Same-store sales were up 0.9% for Pier 1 Imports in the August reporting period and flat for The Bombay Company, the Fort Worth-based chains reported. Both reported gains in total sales from a year earlier because of store openings.
Pier 1 warned that because of unpredictable sales trends, it now expects earnings for the year to be in the range of 79 to 85 cents per share. The consensus Wall Street estimate had been 93 cents, according to Thomson Financial/First Call.
"Due to the continued weak retail environment and strong double-digit comp-store gains in the third quarter last year, we are lowering our sales and income projections," said Marvin Girouard, Pier 1 chairman and chief executive officer. Uncertain economic conditions are still hurting consumer confidence, he said.
"However, we do think this is a short-term situation, and based on solid consumer acceptance of the brand aided by a strong balance sheet, we remain committed to expanding our concept and accelerating new store openings, with 76 new stores planned for the next six months," he said.
Including new stores, Pier 1's total sales in the four weeks ended Sept. 1 were up 6.3% to $110.1 million. Year-to-date sales of $682.6 million were up 7.1% from a year earlier, with a same-store gain of 1.2%.
Although Bombay's same-store sales were flat, total August sales rose 11% to $29.9 million. Year-to-date sales were up 8% to $217.9 million and same-store sales rose 2%.
"Accessory sales continue to be the primary driver during this difficult economic period," said Carmie Mehrlander, chairman and CEO. "The second half of the year is much more reliant on the accessory component of the business, which is a positive for Bombay."
| Company | Sales | Change | Same-store change |
|---|---|---|---|
| Pier 1 Imports¹ | $110.1 | 6.3% | 0.9% |
| Bombay¹ | $29.9 | 11.0% | 0.0% |
| 1. For the four weeks ended Sept. 1. | |||
| Source: Retailers | |||
