Pier 1 Imports sales climb 15.7% in fourth quarter
Larry Thomas -- Furniture Today, April 11, 2013
FORT WORTH, Texas — Powered by improved store traffic and a higher average ticket, retailer Pier 1 Imports said fourth-quarter sales rose 15.7%.
It was the company's 14th consecutive quarter of sales growth, and included a boost from an e-commerce website launched last July.
Sales for the 14-week quarter ended March 2 totaled $551.6 million. That was up from $476.8 million in the previous year's 13-week fourth quarter.
Pier 1 said same-store sales on a 13-week basis rose 7.9%.
Net income for the most recent quarter was $61.7 million or 58 cents per share. That compares with $115.2 million or $1.04 per share, in the same quarter the previous year. Last year's fourth quarter included a tax benefit of $33.8 million from the reversal of a valuation allowance against deferred tax assets.
For the 53-week fiscal year ended March 2, sales totaled $1.7 billion, an increase of 11.3% from $1.53 billion in the previous 52-week fiscal year. Comparable-store sales for the year were up 7.5%, for a three-year cumulative increase of 27.9%.
Full-year earnings totaled $129.4 million or $1.20 per share. That was down from $168.9 million or $1.48 per share the previous year.
Pier 1 said the extra week in the just-concluded fiscal year added $29 million in sales and about 3 cents per share to earnings.
"Fiscal 2013 was another outstanding year for Pier 1 Imports," said Alex W. Smith, president and CEO. "We delivered our 14th consecutive quarter of significant sales and profit growth, reintroduced our dividend and repurchased $100 million of Pier 1 Imports stock, returning substantial value to our shareholders. At the same time, we launched our e-commerce enabled website, established a platform to support our multi-channel strategy and commenced a pilot of our new point-of-sale system."
For the current year, the company is projecting earnings per share of $1.26 to $1.31, with comparable-store sales up in the mid-single-digit range.
Pier 1 said it will open about 30 stores and close 14 stores, for a net increase of 16 stores this year.