Pier 1 Reports Strong 1Q Comps
March 26, 2011,
The Fort Worth, Texas-based home furnishings specialty chain said the same-store sales increase for the period ended Feb. 26 was on top of a 6.5% gain in the previous year's fourth quarter.
Total sales in the latest quarter were $427 million, up 7.8% from $396 million a year ago. For the full year, sales increased 8.1% to about $1.4 billion and same-store sales rose 10.9%.
Pier 1 president and ceo Alex Smith called the fiscal year "outstanding" and said the fourth quarter was its most successful period in seven years.
Smith added that the early read on Pier 1's outdoor and spring assortments is "encouraging" and said the retailer's core lineup continues to strengthen, too.
Fourth quarter earnings, to be released April 7, are expected to be in the range of 47 cents to 48 cents per share, up from 30 cents per share a year ago.