Pier 1 cites 'healthy' same-store sales rise
By Furniture Today Staff -- Furniture Today, January 14, 2008
Fort Worth, Texas — Pier 1 Imports said its December period sales of $233.4 million were down 3.8% but same-store sales were up 1.3%.
The Fort Worth-based specialty retailer also noted the retail-calendar comparison was for the five weeks ended Jan. 5, compared with the five weeks ended Dec. 30, 2006. On a "calendar adjusted" basis, comparing the recent period with the five weeks ended Jan. 6, 2007, Pier 1 said its same-store sales were up 7.5%, which "more accurately reflects the health of the company."
Alex Smith, president and CEO, said the same-store gain was achieved "using considerably less promotional markdowns than last year. As a result, our merchandise margins in December were as planned — slightly lower than last quarter, significantly better than last year, and in line with our internal expectations."
He said a clearance event, the Pier 1 Sale, will continue through January to clear out seasonal merchandise.
