Pier 1 shows earnings strength

FORT WORTH, Texas Pier 1 Imports reported net income of $7.7 million, or 7 cents per share, for the first quarter, versus net income of $29.3 million, or 32 cents per share, for the same period last year, which included a $47.8 million gain on the repurchase of debt and a $10 million litigation recovery. Total sales for the first quarter were $306.3 million, an 8.9% increase from $281.1 million in the year-ago quarter. Comparable-store sales during the quarter increased 14.3% compared with a comparable-store sales decline of 7.5% last year.

Alex Smith, president and CEO said, “We are delighted that for the first time in six years we have achieved first-quarter operating income. Store traffic, conversion rate and average ticket all increased during the quarter – our customers are clearly enjoying our merchandise, our stores and our customer service. We experienced strong performance in all merchandise divisions and all areas of the country. Our confidence level is high and we know how to keep the momentum going – continuing to rebuild our profitability one SKU and one customer at a time.”