Pier 1 Net Edges Up 3 Percent in Third Quarter

FORT WORTH, Texas-A strong sales gain helped Pier 1 Imports to another plus quarter, with net income rising 3 percent to $23.7 million.

Net sales increased 10.9 percent to $424.5 million, including a pickup in same-store sales of 7.9 percent, thanks to increased traffic and higher average ticket. The quarter, which ended on Nov. 24, also marked the first full quarter of e-commerce sales for Pier 1.

Alex Smith, president and CEO, said the company was pleased with the initial results from pier1.com. "Indeed, we saw very strong traffic at both our stores and pier1.com during the period, and trends have remained robust thus far in the holiday selling season," Smith said.

Thanks to the higher average ticket, gross margin rose 70 basis points in the quarter, to 43.9 percent. Selling, general and administrative expenses were up 9.2 percent in dollars but down 50 basis points as a percentage of sales, to 32.8 percent.

Smith said Pier 1's store base combined with its e-commerce capabilities "provides us with a powerful platform for growth." He said the retailer is continuing to build out its full multichannel functionality to position it for further growth down the road.

HFN Staff | News & Commentary

HFN provides detailed information on the key home classifications: Housewares, Tabletop, Floor Covering & Rugs, Furniture, Home Textiles, Lighting, Home Decor, Mattresses & Bedding, Gifts, Major Appliances and Consumer Electronics as well as Business, Finance and Retail.

Videos

Current Issue

  • HFN May digital issue

    HFN's DIGITAL EDITION

    May 2017


    COVER STORY: HFN Turns 90

    We commemorate HFN's 90th anniversary by paying tribute to the iconic retailer and supplier brands--and the people--that have helped the industry flourish, then and now.


    ALSO IN THIS ISSUE:

    • Up & Coming Leaders - The home industry is in capable and visionary hands as this year’s 40 Under 40 list attests. Today’s young leaders span all disciplines and varied levels of operation.
    • Omnichannel Retailing - In the Mobile App World, Time is Money