Sour Nov. for Pier 1, Bombay
Janice Chamberlain -- Furniture Today, December 5, 2004
Fort Worth, Texas — November was disappointing for Pier 1 Imports and The Bombay Company, with both specialty retailers reporting declines in total revenues and same-store sales.
Same-store sales dropped 9.1% at Pier 1 as total revenues slipped to $167.2 million, down 2.2% from November 2003. Sales in the company's third quarter were $487.7 million, up 1.1% from the same period last year, with same-store sales off 6.3%.
In the nine months, Pier 1 sales were $1.4 billion, an increase of 4.5% over last year. Same-store sales declined 3.7%.
Bombay recorded November revenues of $57.7 million, with same-store sales falling 13%, compared with November of last year. Total revenues for the 43 weeks ended Nov. 27 were down 4% to $430.5 million, with same-store sales plummeting 15%.
Pier 1 Chairman and CEO Marvin Girouard said, "Sales were disappointing during the first three weeks of the month due to a lack of marketing support from both television and newspaper inserts.... While sales were below plan for the quarter, total inventories are currently even with last year as we continue to prudently manage inventory levels."
Girouard added that, based on weak sales and higher promotional activity in November, Pier 1's third-quarter earnings now are projected to be 21 cents to 23 cents per share. The company expects to report third-quarter earnings and provide fourth-quarter sales and earnings guidance on Dec. 14.
James Carreker, chairman and CEO of Bombay, said, "Sales during the second half of the month and particularly Thanksgiving weekend were disappointing. We were not as promotional as we needed to be during this increasingly promotional period, resulting in a decline in traffic and conversion over the weekend. The same-store sales trend in off-mall stores continues to be better than for our mall-based stores."
| Retailers report November sales | |||
|---|---|---|---|
| Dollar amounts in millions | |||
| Company | Sales | Change | Same-store change |
| 1. For the four weeks ended Nov. 27. Source: Retailers |
|||
| Pier 1 Imports1 | $167.2 | -2.2% | -9.1% |
| The Bombay Company1 | 57.7 | -7.0 | -13.0 |
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