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Pier 1 Imports Sees Double Digit Sales Gains in 3Q

FORT WORTH, TEXAS - Pier 1 Imports Inc. reported double- digit increases in both total sales and comparable store sales for the third quarter.
     Exceeding the home furnishings chain's expectations, sales rose in 13.7% to $354 million versus $327 million last year, and comps jumped 10.2% in the period, ended Nov. 27.
     Year-to-date comps increased 11.8% compared to a 0.6% decline in the year-ago first nine months.
Pier 1's merchandise margins "remained strong in the third quarter" and are expected to be about 58.5% of sales compared to last year's third quarter merchandise margins of 56.6% of sales.
     "Our September and October sales results were strong and that momentum carried throughout November and the Thanksgiving holiday weekend," explained Alex Smith, president and ceo. "Traffic, conversion and average ticket for the quarter were positive and continue to be the key drivers of our comp store sales increases."
     Pier 1 will announce its full fiscal 2011 third-quarter earnings prior to market open on Dec. 16.

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