Pier 1 Rolls to 14.1 Percent Net Increase in Q1
June 20, 2013,
FORT WORTH, Texas-Pier 1 Imports posted a 14.1 percent jump in first-quarter net income in what its president and CEO, Alex Smith, described as the company's 15th consecutive quarter of "significant sales and profit growth."
The bottom-line gain came on the back of a net sales increase of 9.3 percent to $394.9 million in the quarter, which ended on June 1. The sales increase included a pickup of 5.9 percent in same-store sales. Increases in store traffic and higher average ticket both contributed to the same-store jump.
Selling, general and administrative expenses rose 7.9 percent in dollars but declined 40 basis points as a percentage of sales, to 31.8 percent.
Along with producing strong financial numbers, the first quarter brought further advances to Pier 1 in other key areas. "We're pleased with the ongoing progress we are making towards building out our multichannel functionality and executing our 1 Pier 1 vision," Smith said. He added that the retailer will begin the integration of its store and e-commerce businesses this summer, "laying the foundation to provide a seamless and significantly enhanced shopping experience for our customers."
Other Articles By Author
Adriana Hoyos Relaunches Brand at High Point Market
HFN's DIGITAL EDITION
2017 State of the Industry Report
Cautious Optimism, Mixed Results
Many expected 2016 would be a banner year, but the political and economic climate softened consumer confidence. It was also a year consumers spent more lavishly on home remodeling rather than decorating.
ALSO IN THIS ISSUE:
- TJX Unveils First U.S. Homesense Store - In a time when retailers are reducing store counts, TJX continues to get physical.
- Ikea’s Fluid Spaces - The retailer’s new intros reflect multifunctional rooms.
- N.Y. Home Fashions Market Preview - Textile textures get soft and cozy, colors warmer.