follow us

  • Larry Thomas

Pier 1 profits jump 13% in 4th quarter

Fort Worth, Texas - Aided by a record-setting Thanksgiving weekend, retailer Pier 1 Imports said its profits jumped 13% in the quarter ended Nov. 30 on a sales increase of 9.6%.
     The company said comparable-store sales rose 6.9%, giving it a three-year cumulative comparable-store increase of 21.8%.
     "Our unique and special merchandise assortments created a well-positioned value offer that resonated with our customers," said Alex Smith, president and CEO. "Our more overtly promotional marketing stance drove strong traffic, and our store and e-commerce teams delivered on conversion."
     Smith said the company set sales records for Black Friday and the post-Thanksgiving weekend. Net sales for the quarter totaled $465.5 million, up from $424.6 million in the same quarter last year. Smith said the retailer's year-old e-commerce site accounted for about 4% of sales in the most recent quarter.
    "Pier 1.com continues to outperform our expectations," he said, noting that the quarterly results reflected increases in traffic and conversion.
     Net income was $26.8 million or 26 cents per share. That was up from $23.7 million or 22 cents per share in the comparable quarter.
     For the nine months ended Nov. 30, sales totaled $1.26 billion, an increase of 8.9% from $1.15 billion in the first nine months of the previous fiscal year.
     Nine-month net income was $64.9 million or 61 cents per share. That was a drop of 4.1% from $67.7 million or 62 cents per share in the comparable period.
     During the third quarter, the retailer completed a $100 million stock repurchase program that was authorized in December 2012 and began a newly authorized $200 million repurchase effort. About $20.9 million worth of shares have been repurchased under the newest program.
     Pier 1 also trimmed its earnings estimates for the fiscal year to $1.21 to $1.27 per share. That is down from a September estimate of $1.23 to $1.29 per share. The company said it expects sales growth to be in the high single digits and comparable-store sales growth to be in the mid single digits.

PIER 1 IMPORTS

Earnings per share are fully diluted, and all figures in parentheses are losses or declines.

Quarter ended 11/30

2013

2012

Change

Sales

$465,462,000

$424,527,000

9.6%

Operating income

53,013,000

47,015,000

12.8%

Net income

26,758,000

23,685,000

13.0%

Earnings per share

0.26

0.22

18.2%

9 months ended 11/30

   

Sales

$1,255,957,000

$1,153,260,000

8.9%

Operating income

133,831,000

120,485,000

11.1%

Net income

64,939,000

67,740,000

(4.1%)

Earnings per share

0.61

0.62

(1.6%)

Featured Video

  • N.C. Governor Pat McCrory Talks With Furniture Today At High Point Market

    Camera Icon More Videos

Other Home Furnishings Sites

Casual Living
Gifts and Decorative Accessories
Home Accents Today
Kids Today
Home & Textiles Today