Pier I Imports: Omnichannel transformation complete

Fort Worth, Texas -- There was good news in Pier 1 Imports’ first quarter performance, including a 2% increase in same-store sales.



The retailer reported net income of $6.9 million for the quarter, ended May 30, down from $15.1 million in the year-ago period. Its results were in line with expectations.



Total sales rose 3.1% to $432.0 million from $419.1 million, below estimates. The company noted that online continues to perform “exceptionally well,” with strong improvement across all performance metrics, and accounting for nearly 17% of total sales in the quarter.



“For the near term, we are resolutely focused on continuing to execute on the top line and demonstrating greater expense control. With our omnichannel transformation now complete, we are rebuilding our profitability levels through measured sales and margin growth, along with expense leverage,” said Alex W. Smith, president and CEO.



For full-year fiscal 2016, the company expects comparable sales to rise 3% to 5%, versus previous forecast for mid-single digit growth. However, the company reiterated its earnings outlook of $0.83 to $0.87 per share.



“For the near term, we are resolutely focused on continuing to execute on the top line and demonstrating greater expense control,” Smith said. “With our omnichannel transformation now complete, we are confident that we can begin to rebuild our profitability levels through measured sales and margin growth, along with expense leverage.”