Pier 1 Dec. sales jump 8.6%
By Furniture Today Staff -- Furniture Today, January 11, 2010
FORT WORTH, Texas — Pier 1 Imports reported that its same-store sales for the five-week period ended Jan. 2 were up 8.6%, reversing a same-store sales decline of 10.2% in the same period a year earlier.
Total sales for the five-week period grew 5.6% to $218 million. For a nine-week holiday selling period — from Nov. 1 through Jan. 2 — same-store sales jumped 12.2%, the company said.
Pier 1, which had stopped reporting monthly sales, said it was announcing these results in anticipation of its participation in an investment conference this week.
“We are delighted with our December sales results, which were better than we had originally anticipated,” said Pier 1 President and CEO Alex Smith. “Throughout the entire month, traffic, average ticket, and average unit retail all increased over last year.”
He added that as expected, same-store sales after Christmas “softened slightly as our strong pre-Christmas sell-through left us with less holiday clearance merchandise than last year.”
Smith said the company is “especially pleased with our merchandise margin results,” saying it expects its fourth-quarter merchandise margin will be at least 53%, up from 44% for the same period a year ago.
“As we begin the transition to the spring season, we remain confident in our ability to generate improvements in sales and margin dollars by remaining focused on our core business priorities,” he said.
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Pier 1 reports 7% same-store gain in third quarter
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