Pier 1's First-Quarter Sales Jump 14.3 Percent
June 2, 2011,
FORT WORTH, Texas-Pier 1 Imports' first fiscal quarter resulted in a healthy 14.3 percent increase in sales, according to a preliminary statement from the specialty retailer.
That pickup included a 10.2 percent rise in same-store sales. "Our customers responded positively to our spring assortments throughout the quarter, and we continue to see strong merchandise margin trends across all merchandise categories," said Alex Smith, Pier 1's president and CEO. Indeed, the company projected that merchandise margins would finish the quarter (which ended on May 28) at about 59.5 percent of sales, versus 58.6 percent last year.