Pier 1 earnings up 14.1% as sales grow 9.3% in quarter

FORT WORTH, Texas — Pier 1 Imports reported sales growth of 9.3% in its first quarter ended June 1, with net income rising 14.1% to $20.3 million, or 19 cents per share.

Sales in the quarter came to $394.9 million, and same-store sales increased 5.9%, the Fort Worth-based retailer said.

"Our results for the period, our 15th consecutive quarter of significant sales and profit growth, reflect a solid quarter of execution," said Alex Smith, president and CEO. "The continued improvement of our gross profit speaks to the success of our merchandising strategies, both in-store and online, and reflects strong full-price selling during the period.

"We're pleased with the ongoing progress we are making towards building out our multi-channel functionality and executing our ‘1 Pier 1' vision," Smith added. "The rollout of our new point-of-sale system is on track for completion later this summer; we will then begin the integration of our stores and e-commerce businesses, laying the foundation to provide a seamless and significantly enhanced shopping experience for our customers."

The company said that for the full fiscal year, it expects earnings per share in the range of $1.27 to $1.32, representing year-over-year growth in the range of 9% to 13%. That's up from previous guidance of $1.26 to $1.31.

Same-store sales growth is expected to be in the mid-single-digit range.

With store openings and closings, Pier 1 says it expects a net gain of 16 stores this fiscal year.

Furniture Today Staff | Staff Editors

Furniture Today covers all the news concerning manufacturers, retailers and suppliers in the home furnishings sector.

High Point Videos

Scott Brothers at High Point Market with Bill McLoughlin

See our videos from the Spring 2017 High Point Market featuring coverage of the Scott Brothers, Christopher Guy, 3D furniture printing, and our Habitat for Humanity building project. See videos! Video coverage sponsored by AcceptanceNOW.

Digital Edition

Furniture Today Digital Edition

See the digital edition of Furniture/Today, which allows you to flip through the pages, click on any underlined area to visit a website or send an e-mail, search to find content in the magazine, or share pages with your friends. See the latest issue!