Pier 1 Reports Solid Sales Gains for Second Quarter
August 30, 2012,
FORT WORTH, Texas--Second-quarter sales for Pier 1 Imports jumped 8.3 percent, reaching $368 million, according to a preliminary report from the home furnishings retailer.
That increase included a gain of 6.7 percent in same-store sales, following up on a comparable-stores rise of 10.8 percent in the second quarter of last year. Pier 1 also said gross margin is expected to reach about 41.2 percent of sales, up 160 basis points over gross margin from last year's second quarter.
Alex Smith, Pier 1's president and CEO, said the growth in sales "reflects strong execution across all aspects of the organization. Our stores have transitioned from summer to fall and customers have responded favorably to our new assortments."
Smith added that the company is "delighted" with the launch of its new e-commerce-enabled website, pier1.com, which occurred in late July. He noted that the new site has met with a positive response from the company's customers for its direct-to-customer shipping, full redesign, enhanced functionality and other new features. "The continued development and expansion of our e-commerce business will be an important part of our growth strategy going forward," Smith said.