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Pier 1 Q3 profit up, beats Street
Fort Worth, Texas -- Pier 1 Imports Inc.'s third-quarter profit climbed 10% to $23 million from $21 million a year earlier, better than analysts expected.
Revenue increased 8% to $382.7 million from $353.8 million, boosted by a higher average ticket and more traffic. Same-store sales were up 7%.
The retailer also said Thursday that its sales so far in December are strong and that it expected the momentum to continue until Christmas.
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ShopperTrak notes retail sales rise second week of December
CHICAGO — A new report by ShopperTrak found that sales continue to rise despite flat year-over-year figures.
Sales for the week ended Dec. 10 rose 10.6% above the prior week, while year-over-year sales saw a decline of 1.9%. The drop, which followed a 0.2% year-over-year increase during the week ended Dec. 3, is not an indication that holiday sales will be dismal this year; the firm suggested that it may have been caused by the shifting dates of Hanukkah — moving from Dec. 1 in 2010 to Dec. 20 this year.