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."
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