Pier 1 Imports reports Q4 sales growth

Fort Worth, Texas Pier 1 Imports reported Friday that total sales for the fourth quarter were $396 million, compared with $389 million for the same period last year. Comparable-store sales for the fourth quarter increased 6.5%.

Total sales for the fiscal year were $1.29 billion, compared with $1.32 billion last year. Comparable-store sales for the year increased 1.5%.

For the fourth quarter, Pier 1 said it anticipates that reported merchandise margins will be better than expected at approximately 55.7%, compared with 44.3% reported last year.

The company attributed the increase in margin rate during the quarter to less clearance merchandise and initial markups that remained strong.