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Pier 1 Likes 3Q Outlook

Pier 1 Imports said it expects comparable store sales to increase in the range of 8% to 10% for the third quarter ending Nov. 27. Last year's comp store sales for merchandise margins for the third quarter are expected to be approximately 58% of sales compared to last year's third quarter merchandise margins of 56.6% of sales.
     President and ceo Alex Smith said the momentum should continue through the holiday selling season and the company has added about $3 million of additional store payroll and marketing in the third quarter.
Pier 1 will announce fi scal 2011 third quarter sales on Dec. 2.