Pier 1 sales jump 15.7% in quarter
Furniture Today Staff -- Furniture Today, March 18, 2013
FORT WORTH, Texas - Retailer Pier 1 Imports said fourth quarter sales rose 15.7% as store traffic increased and customers rang up higher average tickets.
In a preliminary financial report, Pier 1 said sales for the 14-week quarter ended March 2 totaled $552 million. That compares with $477 million in the previous year's 13-week fourth quarter.
Comparable-store sales increased 7.9%.
The retailer said fourth quarter earnings are expected to be 57 cents to 58 cents per share. That's down from $1.04 per share in the previous year's fourth quarter, but that period included a one-time gain of 56 cents per share from the reversal of a valuation allowance against deferred tax assets.
For the 53-week fiscal year ended March 2, sales were $1.71 billion. That's an increase of 11.2% from $1.53 billion in the previous 52-week fiscal year.
"Our fiscal year ended strongly, with another quarter of significant growth in sales and earnings," said Alex Smith, president and CEO. "Our talented and dedicated associates continue to do an outstanding job of executing our robust operating and growth strategies."
Pier 1 will release complete financial results for the fourth quarter and fiscal year on April 11.