Pier 1 Imports sales climb 11.8% in fiscal fourth quarter

Larry Thomas -- Furniture Today, March 1, 2012

FORT WORTH, Texas — Retailer Pier 1 Imports said it recorded double-digit increases in total sales and comparable-store sales for the fourth fiscal quarter that ended Feb. 25.

The company said total sales rose 11.8% to $477 million, while comparable store sales were up 10.3%.

"We are delighted to end our year with strong fourth quarter sales results," said Alex Smith, president and CEO. "Merchandise margins remained strong throughout the quarter and will be approximately 59.5% of sales. Our spring, outdoor and Easter product assortments are pacing ahead of last year and we feel very confident this momentum will carry into the first quarter as we start our new fiscal year."

Pier 1, which will report complete financial results for the fourth quarter and fiscal year on April 5, said total sales for the recently concluded year were up 9.8% to $1.53 billion. Comparable-store sales were up 9.5%.

The company said it expects fourth quarter earnings per share to be approximately $1.03 to $1.04, including an income tax benefit from the reversal of a valuation allowance against deferred tax assets.