Pier 1 profit nearly doubles
June 16, 2011-- Home Textiles Today,
Fort Worth, Texas - High margins and uptickets in traffic, conversion and average ticket boosted Pier 1's first quarter net income to $14.1 million, or 12 cents per share, compared to last year's 1Q net income of $7.7 million, or 7 cents per share.
Sales for the quarter ended May 28 jumped 9.3% to $334.6 million, with comps up a robust 10.2%.
"We are reinvesting into the business and inititalizing our share repurchase program as cash continue to be generated," said Alex Smith, president and ceo.
Last week, the company also began the national soft launch of Pier 1 To-Go after testing in select markets. The service allows shoppers to order a product online, then visit their local store for payment and pick-up. Items that are not immediately available at a local store can be ordered online and shipped to the location within two weeks.
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