Pier 1 3Q guidance calls for negative comps

FORT WORTH, Texas Pier 1 Imports announced prior to its upcoming analysts meeting that it expects to report third quarter comparable-store sales between -16% and -18%.

Alex Smith, president and ceo stated, "The significant slowdown in consumer spending continues to affect our business. The deterioration in customer traffic that we reported for September continued into October, resulting in traffic that was down 10% below last year. Customers who are visiting our stores continue to respond well and we see meaningful improvements in both conversion rate and units per transaction. These increases are offset by the fact customers primarily shopped for 'small treats,' such as Halloween and holiday decor, and smaller home furnishings and furniture purchases, resulting in a lower average ticket."