Pier 1 logs strong 2Q sales
Retail Editor 1 -- Home Textiles Today, September 1, 2011
Fort Worth, Texas. - Pier 1's sales for the second quarter rose 9.7%, with comps up 10.8% on top of an 11.2% same-store sales increase in the year-ago quarter.
Sales for the quarter were $340 million, and merchandise margins for the second quarter will be approximately 59.3% of sales, up from last year's second quarter merchandise margins of 58.3% of sales. Second quarter earnings are expected to be 14 cents per share.
"Customers are reacting favorably to this merchandise, which bodes well for the second half of the year," said Alex Smith, ceo.
For the first half of the fiscal year, sales rose 9.4% to $674 million. Comps climbed 10.5% compared to an increase of 12.7% in last year's first quarter.