Pier 1 in the Black for the Fourth Quarter and Fiscal Year
April 8, 2010,
FORT WORTH, Texas-Pier 1 Imports finished fiscal year 2010 with net income of $34.5 million for the fourth quarter and $86.8 million for the year, reversing losses of $29.4 million and $129.3 million, respectively, for the fourth quarter and fiscal year of 2009.
The specialty retailer managed this turnaround through a combination of increases in net sales and gross margin, and cuts in expenses. Fourth-quarter net sales edged up 1.7 percent to $396 million, while gross margin in the quarter rose by a whopping 1,276 basis points to 38.92 percent. Selling, general and administrative expenses were cut by 7.2 percent.
Commenting on Pier 1's three-year "journey to return our company to profitability," Alex Smith, president and chief executive officer, said, "It has long been apparent that we can control costs and expand merchandise margin. Now with a slightly more active economy, we are starting to see top-line improvements, which we knew would come eventually."
Other Articles By Author
HFN Launches Interactive Idea Book
HFN's DIGITAL EDITION
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