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Pier 1, Havertys, Bombay score Jan. revenue gains

By Furniture Today Staff -- Furniture Today, February 8, 2004

FORT WORTH, Texas — Three publicly held furniture stores reported revenue gains in January, although only Havertys scored an increase in same-store sales.

The largest retailer, Pier 1 Imports, based here, reported a 7% revenue increase to $125.3 million for the month, compared with January 2003. Same-store sales dipped 2.9%. For the 11-month period ended Jan. 31, sales for the specialty store chain were $1.8 billion, up 6.1% from last year.

Marvin Girouard, Pier 1's chairman and CEO, said bad weather in many parts of the country contributed to lower-than-expected sales for the month. He estimated the weather hurt same-store sales by 2% to 3%.

Looking at February, Girouard said sales "will be supported by more new merchandise arrivals and our annual bedroom event."

February same-store sales are expected to be flat to slightly positive, he said.

The Bombay Company, the specialty chain also headquartered in Fort Worth, reported sales of $38 million in January, up 13% from year-ago results. Same-store sales were off 3.5%.

For its fourth fiscal quarter, Bombay said sales increased 12% to $211.6 million, compared with the same quarter last year. Sales for the full year were $595.6 million, up 21%.

Same-store sales were up 1% for the quarter and 13% for the year.

Atlanta-based furniture store chain Havertys posted increases in both revenues and same-store sales for January. Revenues were up 8.5% to $65.6 million and same-store sales rose 4.4%.

Clarence Smith, president and CEO, said the same-store gain was led by "strong demand in the recliner and bedding categories."

He said the company's private-label brand also posted gains, representing 30% of total sales, compared with 15% a year ago.

Retailers report January revenues
Dollar amounts in millions
Company	Sales	Change	Same-store change
¹ For the four weeks ended Jan. 31, 2004.
Pier 1 Imports¹	$125.3	7.0%	-2.9%
Havertys	$65.6	8.5%	4.4%
The Bombay Company¹	$38.0	13.0%	-3.5%

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