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Pier 1 makes a comp turnaround in Q1 up in mid-teen range

Fort Worth, Texas -- Pier 1 Imports Inc. enjoyed a turnaround in its just-ended first quarter, posting double-digit gains versus last year's single-digit declines.

The home furnishings chain's comparable store sales for the first quarter ended May 29 increased 14.3% compared to a negative 7.5% in the year-ago period.

Total sales for the quarter improved 8.9% to $306 million versus $281 million last year.

"Comp store sales continue to be driven by consistent increases in conversion rate, average ticket and traffic," explained Alex Smith, president and ceo. "As previously reported, March sales benefited from the earlier Easter holiday but business was solid throughout April and May ending with a strong Memorial Day weekend. All major merchandise categories performed well during the quarter and the variations in the performance geographically were much less than last year. We look forward to discussing our first quarter results in detail during our upcoming conference call."

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