Pier 1, Bombay see Oct. sales gains
By Furniture Today Staff -- Furniture Today, November 11, 2002
Fort Worth, Texas — Top 100 chains Pier 1 Imports and The Bombay Company logged double-digit gains in sales in October compared with a year ago, helped by strong same-store performances.
Another Top 100 chain, Havertys, said total sales rose 3.4% for the month even though same-store sales slipped 4.3%.
Pier 1 Chairman and Chief Executive Officer Marvin Girouard said the company exceeded its sales projections for the four weeks ended Nov. 2, with traffic counts increasing throughout the month and into November. Sales were up 14.6% from a year ago to $130.7 million, with same-store sales rising 6.3%
"Business was strong across all regions, and we sold a very good mix of regular-priced and promotional furniture, tabletop and seasonal items," he said.
Because of the timing of Thanksgiving this year, same-store sales are expected to be down in November but higher in December, he said.
He added that West Coast port labor troubles haven't kept merchandise from reaching the Fort Worth-based company's distribution centers.
Bombay, also based in Fort Worth, said sales jumped 24% to $39.6 million, with same-store volume up 17%. Revenue from non-store activity, including mail order, the Internet and the Bailey Street Trading Company import division, amounted to 8% of total sales, up from 6% a year ago.
Atlanta-based Havertys' sales increase in October resulted from the stores it has added this year, said CEO Jay Slater.
"We look forward to the next two months, the seasonally strongest of the year, with our reach extended to households surrounding eight new stores and our presence enhanced with three recent store relocations," he said.
Another company with a strong furniture presence, Sears Canada, said sales in the four weeks ended Oct. 26 declined 4.4% to C$546.6 million, with same-store sales down 3.3%.
Also announcing sales last week was Restoration Hardware, which said business for the third quarter was up 20.1% to $90.7 million, with a same-store gain of 14.8%. Direct-to-consumer sales, including catalog and Internet, jumped 66.2%.
| Retailers report October revenues | |||
|---|---|---|---|
| Dollar amounts in millions | |||
| Company | Sales | Change | Same-store change |
| 1. In Canadian dollars. For the four weeks ended Oct. 26. 2. For the four weeks ended Nov. 2. Source: Retailers |
|||
| Sears Canada1 | C$546.6 | -4.4% | -3.3% |
| Pier 1 Imports2 | $130.7 | 14.6% | 6.3% |
| Havertys | $59.0 | 3.4% | -4.3% |
| Bombay2 | $39.6 | 24.0% | 17.0% |
