Pier 1 Net Jumps 84 Percent in First Quarter
June 16, 2011,
FORT WORTH, Texas--Growth in both sales and merchandise margins boosted Pier 1 Imports to an impressive 84 percent gain in first-quarter net income, to $14.1 million.
Net sales for the quarter, which ended on May 28, rose 9.3 percent to $334.6 million, including an increase of 10.2 percent in same-store sales, thanks for rises in store traffic and average ticket. The latter factor, along with managing inventory levels, helped Pier 1 to boost its gross margin for the quarter by 272 basis points to 40.1 percent. Selling, general and administrative expenses rose 8 percent on a dollar basis but slimmed down 37 basis points as a percentage of sales, to 32.6 percent.
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