Pier 1 sales climb 15.7% in 4Q
April 24, 2013,
FORT WORTH, Texas - Powered by improved store traffic and a higher average ticket, retailer Pier 1 Imports said fourth-quarter sales rose 15.7%.
It was the company's 14th consecutive quarter of sales growth, and included a boost from an e-commerce website launched last July.
Sales for the 14-week quarter ended March 2 totaled $551.6 million. That was up from $476.8 million in the previous year's 13-week fourth quarter.
Pier 1 said same-store sales on a 13-week basis rose 7.9%.
Net income for the most recent quarter was $61.7 million or 58 cents per share. That compares with $115.2 million or $1.04 per share, in the same quarter the previous year. Last year's fourth quarter included a tax benefit of $33.8 million from the reversal of a valuation allowance against deferred tax assets.
For the 53-week fiscal year ended March 2, sales totaled $1.7 billion, an increase of 11.2% from $1.53 billion in the previous 52-week fiscal year. Comparable-store sales for the year were up 7.5%, for a three-year cumulative increase of 27.9%.
Full-year earnings totaled $129.4 million or $1.20 per share. That was down from $168.9 million or $1.48 per share the previous year.
Pier 1 said the extra week in the just-concluded fiscal year added $29 million in sales and about 3 cents per share to earnings.
"Fiscal 2013 was another outstanding year for Pier 1 Imports," said Alex W. Smith, president and CEO. "We delivered our 14th consecutive quarter of significant sales and profit growth, reintroduced our dividend and repurchased $100 million of Pier 1 Imports stock, returning substantial value to our shareholders. At the same time, we launched our e-commerce enabled website, established a platform to support our multi-channel strategy and commenced a pilot of our new point-of-sale system."
For the current year, the company is projecting earnings per share of $1.26 to $1.31, with comparable-store sales up in the mid-single-digit range.
Pier 1 said it will open about 30 stores and close 14 stores, for a net increase of 16 stores this year.
Pier 1 Imports
|Earnings per share are fully diluted, and all figures in parentheses are losses or declines.|
Net income (b)
Earnings per share
Year ended 3/2 (c)
Earnings per share
|(a) Data is for 14-week quarter ended March 2, 2013, and 13-week quarter ended Feb. 25,
2012. (b) Includes income tax benefit of $33.8 million in 2012. (c) Data is for 53-week fiscal
year ended March 2, 2013, and 52-week fiscal year ended Feb. 25, 2012.|
Most Viewed Articles
Related Content By Author
Innovation is key as summer hits its stride
Furniture Retail Solutions
Over the past year, our editorial team has been on the road, studying retail – what's working and what challenges even the most established retailers face. Born from these studies is Furniture Retail Solutions – a multi-part series addressing common problems retailers face. Read our first two articles:
RSA Insights & Intelligence
RSA Insights & Intelligence gives you, the retail sales associates, critical intelligence and insights. We make it easier for you to sell by providing actionable tips and key takeaways you can and should use for every sale. Check out our latest two articles:
* Why buying mattresses online is harder than consumers think
* How RSA can capitalize on the adjustable base boom
Steve Lowsky, President/CEO of Middle Market Strategies on what makes a company great now