Pier 1 continues to bring strong comps home

FORT WORTH, Texas — Pier 1 Imports reported a 10.8% same-store sales increase for the second quarter ended Aug. 27, on top of an 11.2% comps increase for the same period last year, driven primarily by increases in traffic and average ticket. Total sales for the quarter improved to $340 million compared to $310 million in the year-ago quarter.

Pier 1 said it expects earnings per share for the quarter to be 14 cents.

For the first six months of the year, comparable-store sales for the first six months increased 10.5% compared with a comparable-store sales increase of 12.7% in the year-ago period. Total sales for the first six months increased to $674 million from $616 million for the same period last year.

Alex Smith, president and CEO, commented, “We are very pleased with our second quarter sales results, which were consistent throughout every month of the quarter. Merchandise margins remain strong across all merchandise categories. Halloween, fall and harvest merchandise was set in all stores by early August. Customers are reacting favorably to this merchandise, which bodes well for the second half of the year.”