Pier 1 drives 2Q profits up almost 60 percent
September 19, 2002,
Fort Worth, TX — Second-quarter profits at Pier 1 Imports rocketed up by 59.9 percent, to $22.1 million from $13.8 million last year, as the home goods retailer bulked up its margins and kept cutting costs.
Pier 1 sales, still on the fast track, climbed by 15.0 percent, to $410.9 million from $357.2 million, as the company layered on $26 million in new sales through a combination of strong same-store sales and rapid expansion. The crucial gauge of same-store sales rose by 5.8 percent during the period, far outpacing growth for most other American retailers, and illustrating the continued resilience of home goods suppliers in an otherwise weak retail environment.