Pier 1 Updates Q4, FY Outlook
February 28, 2014,
FORT WORTH, Texas-Pier 1 Imports said it expects same-store sales for the 13-week fourth quarter ending on March 1 to finish 5 percent behind the same-store sales for the 13 weeks ending on Feb. 23, 2013.
Pier 1 also said same-store sales for the quarter ending on March 1 would likely be flat compared to the period ending on March 2, 2013. The company provided both estimates because last year's quarter included an extra week, which produced about $29 million in net sales.
Total net sales for the quarter will total from $512 million to $514 million--a result Alex Smith, Pier 1's president and CEO, described as "frustrating and disappointing." Smith attributed the totals to the "significant disruption from adverse weather in many of our major markets. This has resulted in considerably softer store traffic, as well as some temporary store closings, which further pressured fourth-quarter sales and merchandise margin."
He also said Pier 1 is "confident in our long-term outlook." The company has a clear view of how 1 Pier 1 will evolve, a talented executive team and a strong balance sheet to support its growth plans, Smith said.
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