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Bombay sales climb 12% while Pier 1 slips in August

Janice Chamberlain -- Furniture Today, September 4, 2005

Fort Worth, Texas — Specialty retailers The Bombay Company and Pier 1 Imports reported August sales results at different ends of the scale. Bombay recorded both a total revenue gain and a same-store sales increase; Pier 1 reported decreases in both measurements.

At Bombay, total revenues increased 12% to $39.5 million for the four weeks ended Aug. 27, with same-store sales growing 11%. Revenues from non-store activities, including Internet, mail order, Bailey Street and international sales, represented 5% of revenues, compared with 10% for the same period a year ago.

Bombay sold the assets of Bailey Street Trading Co. in May. The company said non-store revenues in August were down $1.7 million from year-earlier results, of which $1.2 million was related to Bailey Street operations.

For the 30-week period ended Aug. 27, total Bombay revenues increased 3% to $289.7 million from $281.5 million last year. Same-store sales were flat. Non-store revenues accounted for 5% of total revenues in the latest period, compared with 8% a year ago.

Bombay Chairman and CEO James Carreker said Bombay had moved up a promotional event in order to "re-engage the customer and bring them back into our stores so they would be able to see our new product and our new presentation style." He added that the company was encouraged by the response and impact on sales, particularly in big-ticket items such as furniture and wall accessories.

At Pier 1, sales for the four-week period declined 8.3% and same-store sales dropped 12.4%. August sales were $128.7 million, off from $140.4 million a year ago.

Sales for the quarter ended Aug. 27 came to $438.6 million, down 3% from sales of $452.3 million in the comparable 2004 period, with same-store sales sliding 7.7%. For the first six months of Pier 1's fiscal year, total sales declined 4.5% to $884.3 million and same-store sales fell 9.8%.

Pier 1 expects to report second-quarter results on Sept. 15 and is projecting a loss per share of 12 cents to 14 cents in the quarter.

Retailers report August revenues
Dollar amounts in millions; four weeks ended Aug. 27
Company	Sales	Change	Same-store change
Source: Retailers
Pier 1 Imports	$128.7	-8.3%	-12.4%
Bombay	39.5	12.0	11.0

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Pier 1, Bombay report Aug. sales

Sep 1, 2005

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