Pier 1 going multi-channel; reports down quarter
April 7, 2005,
FORT WORTH, Texas — After a successful recent test run in two major U.S. markets, including Las Vegas, Pier 1 Imports Inc. is moving forward with an initiative to become a multi-channel retailer with the formal launch of a new national catalog in September, the company said during its fourth quarter and year-end call today.
The company also reported its numbers today.
Sales for the fourth quarter were $525.8 million, a 5.3 percent decrease from last year's $555.3 million, and comparable-store sales declined 10.7 percent for the period.
Reported net income for fiscal year 2005 was $60.5 million compared with last year's $118 million, a 49 percent drop. Sales for the fiscal year were $1.9 billion, up 1.6 percent over last year's $1.89 billion. Fiscal year 2005 comparable-store sales declined 5.8 percent.
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