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Pier 1 sales rise 1.8% in fourth qtr.

By Furniture Today Staff -- Furniture Today, March 15, 2010

FORT WORTH, Texas —

Pier 1 Imports said its sales were up 1.8% in the fourth quarter, with comparable-store sales climbing 6.5%. It also said the company will post a profit of at least 29 cents per share for the period, reversing a loss of 33 cents per share in the previous year's fourth quarter.

In announcing the preliminary results, the Fort Worth-based retailer said sales were $396 million for the quarter ended Feb. 27. For the full fiscal year, sales of just under $1.3 billion were down about 2.2% from the previous year although same-store sales rose 1.5%.

For the fourth quarter, the company said it expected to report merchandise margins of about 55.7%, which were better than expected and well above the 44.3% posted a year earlier.

“We are proud of our fourth-quarter performance, which began with an extremely successful holiday selling season,” said Alex Smith, Pier 1 president and CEO.

Pier 1 expects to report complete fourth-quarter and year-end results in early April and has set a conference call for April 8.

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Pier 1 sales rise 1.8% in fourth quarter

Mar 4, 2010

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