Pier 1 Posts Profit in Third Quarter

FORT WORTH, Texas-Pier 1 Imports transformed a $36.9 million loss from last year's third quarter into net income of $38.8 million this year.

The retailer accomplished this on the strength of an 8.7 percent pickup in sales, which totaled $327.1 million in the quarter, and which included a 13.7 percent jump in same-store sales. The bottom line was further boosted by a $55.6 million income tax refund.

Pier 1 trimmed 3.2 percent from selling, general and administrative expenses. Cost of goods sold also fell 2.7 percent, and in a Pier 1 statement, Alex Smith, president and chief executive officer, said store traffic and average ticket on sales all rose during the third quarter. "Excellent input margins and lower markdown activity generated the highest merchandise margins in over six years," Smith said.

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.


Subscribe to
HFN Omnichannel
Receive the news you need to know about the trends in the industry delivered right to your inbox.

Current Issue

  • HFN May digital issue


    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.


    • 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