Pier 1 Updates Q4, FY Outlook

Pier 1FORT 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."

On a more positive note, Smith said the company's 1 Pier 1 strategy, which allows consumers to shop how they choose, is making more headway. Pier 1's e-commerce sales reached 5 percent of total sales in the quarter, and traffic on pier1.com increased to 1.9 million visitors per week. "For the full year, e-commerce will contribute approximately 4 percent to fiscal 2014 total sales, putting it readily on track to reach our targeted contribution of 10 percent of total sales by fiscal 2016," Smith said.

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.

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.

Videos

Current Issue

  • HFN May digital issue

    HFN's DIGITAL EDITION

    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.


    ALSO IN THIS ISSUE:

    • 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