Pier 1 going multi-channel; reports down quarter
April 7, 2005-- Home Textiles Today,
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.
"We plan to distribute a nationwide catalog to all U.S. markets this fall, and by November our e-commerce site will be fully integrated with the catalogs," said Marvin Girouard, the company's chairman and CEO. "Beginning in November, our customers can shop online, and we can ship orders to homes throughout the continental U.S. "
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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