Pier 1 knocks it out in 4Q
Kids Today Staff -- Home Textiles Today, April 5, 2012
Fort Worth, Texas - Pier 1 nearly more than doubled its profit during the fourth quarter, generating net income of $115.2 million, or $1.06 per share.
Sales for the quarter ended Feb. 25 rose 11.8% to $476 million, with comps up 8.9% as the company sales increased in both traffic and average ticket.
For the full fiscal year, net income rose 68.9% to $168.9 million, or $1.48 per share. Sales rose 9.8% to $1.5 billion, with a comp increase of 9.5%.
Year-over-year, sales per sq. ft. rose to $184 from $169. Gross margin for the year grew 110 basis points to 59.5% of sales.
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