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Pier 1, Bombay post Feb. sales declines; Havertys up

Janice Chamberlain -- Furniture Today, March 6, 2005

Fort Worth, Texas — Specialty retailers Pier 1 Imports and The Bombay Company reported declines in same-store sales and revenues for February, while sales at full-line chain Haverty Furniture increased 10.6% as same-store sales gained 6.1%.

Atlanta-based Havertys said February sales came to $68.2 million, up from $61.7 million a year ago. Sales in the first two months of 2005 were $134.4 million, a 5.6% increase over the comparable 2004 period, as same-store sales were up 1.7%.

Pier 1 reported revenues of $117.3 million in February, a drop of 9.7% from the comparable 2004 period, as same-store sales plummeted 15.3%. Pier 1 Chairman and CEO Marvin Girouard said, "Sales were disappointing in February, with customer traffic and average ticket in comparable stores both down in the range of mid- to high-single digits.

"We believe that the lack of national television advertising, some inclement weather and transitional store layouts with lean inventories all contributed to sales declines," he said.

Sales for Pier 1's quarter ended Feb. 26 were $525.8 million, off 5.3% from last year's $555.3 million, with same-store sales dropping 10.7%. Sales for the 12 months ended Feb. 26 were up 1.6% over the prior year, with same-store sales falling 5.8%.

Based on weak sales and merchandise margins in February, Pier 1 now expects fourth-quarter earnings per share of 25 cents to 27 cents per share. The company plans to release annual and fourth-quarter results April 7.

Bombay's revenues for the four weeks ended Feb. 26 dipped 2% to $34.9 million from $35.4 million a year ago. Same-store sales in the latest period fell 6.5%.

Bombay Chairman and CEO James Carreker said the company continues to experience the softness in demand it saw during the second half of 2004, but "business improved as the month continued as we introduced more new product in the stores and had an improved inventory mix versus the prior year. We are encouraged by our improving sales trends in furniture, which helped drive a higher average transaction during the period."

Bombay plans to release fourth-quarter results and its 2005 outlook during the third week of March.

Retailers report February sales
Dollar amounts in millions
Company	Sales	Change	Same-store change
1. For the four weeks ended Feb. 26 Source: Retailers
Pier 1 Imports¹	$117.3	-9.7%	-15.3%
Havertys	68.2	10.6	6.1
The Bombay Company¹	34.9	-2.0	-6.5

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Retailers note mixed results for February

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