Pier 1 Imports profits jump 26.4% on higher sales
June 14, 2012,
FORT WORTH, Texas — Retailer Pier 1 Imports said profits jumped 26.4% in the fiscal first quarter on a 7.9% increase in sales.
Same-store sales increased 7.2%, bringing the three-year cumulative same-store increase to 31.7%.
Sales for the quarter ended May 26 totaled $361.1 million, up from $334.6 million in last year's fiscal first quarter.
Net income was $17.8 million or 16 cents per share. That's up from $14.1 million or 12 cents per share in the same period last year.
Smith said merchandise margins were 60.2% of sales, up from 59.8% in the same quarter in 2011. Gross margin, meanwhile, increased 1.6 percentage points to 41.6%.
He said the company is especially excited about the upcoming launch of its e-commerce site, which should allow the retailer to capture more market share.
Pier 1 said it is projecting earnings per share of $1.08 to $1.14 for the fiscal year, a slight increase from a February projection of $1.06 to $1.12 per share.
Smith said the current fiscal year has 53 weeks, and the extra week will add 1 to 2 cents per share to earnings.
In the fiscal year ended Feb. 25, Pier 1 had earnings of 94 cents per share, excluding a one-time tax benefit.
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