Pier 1 Imports' same-store sales up 10.3% December

Traffic, conversion rate, average tickets all improve

Furniture Today Staff -- Furniture Today, January 7, 2011

FORT WORTH, Texas — Pier 1 Imports said its same-store sales were up 10.3% in December, on top of an 8.6% gain in the same period a year earlier.

Pier 1 issued a press release announcing the gain for the five-week period ending Jan. 1, but did not disclose the sales amount or give a total sales comparison.

"We are pleased with the strength in our December holiday sales results - traffic, conversion and average ticket were all up over last year and continue to be the forces driving our sales increases," said Alex Smith, president and CEO.

"Merchandise margins remained strong in December due to less promotional and clearance pricing than last year. We now expect merchandise margins to be at least 57.5% of sales for the fourth quarter, up from our previous expectation of 57% of sales. Looking forward to the spring and summer selling seasons, we are very confident in our new assortments, which start to arrive in stores this week as the seasonal clearance event winds down," he said.

Pier 1 said it will announce sales for the fourth quarter, which ends Feb. 26, on March 3. Financial results for the fiscal year will be announced April 7.