Pier 1 Boosts Sales for Fourth Quarter and Fiscal Year
March 3, 2011,
FORT WORTH, Texas-Pier 1 Imports wrapped up what Alex Smith, its president and chief executive officer, called "an outstanding year" with fourth-quarter and fiscal-year sales increases of 7.8 percent and 8.1 percent, respectively.
Net sales for the quarter totaled $427 million, and for the fiscal year reached $1.4 billion. Same-store sales also made impressive gains for both periods--8.9 percent for the quarter and 10.9 percent for the year.
Smith said the fourth quarter, which ended on Feb. 26, was Pier 1's most successful final quarter in seven years, driven by a strong holiday season and good numbers for Valentine's Day. The retailer will release the full report on its fourth quarter and fiscal year on April 7.