Pier I tops Street

Pier 1 Imports Inc. reported better-than-expected results for its third quarter amid strong online sales.



The home decor retailer said it is still looking for a CEO to succeed Alex Smith, who steps down at year-end. It appointed company chairman Terry London to fill in as interim president and CEO, effective Jan. 1.



Pier I posted a profit of $13.6 million, or 17 cents a share for the quarter ended Nov. 26, up from $10.9 million, or 13 cents a share, in the year-ago period.



Total sales fell 0.4% to $475.9 in the quarter, with the company operating 33 stores as compared to the same period last year.



Same-store sales increased 1.8%.



Online sales in the third-quarter totaled $97.4 million, up 28% from a year ago.



“Sales trends rebounded in the second half of November, following the election, which enabled us to deliver third quarter results well ahead of our forecast,” said Smith. “Specifically, we had positive company comparable sales and higher than planned profits in the third quarter. We are making progress on our strategies to deliver shareholder value through our merchandising, marketing, supply chain and real estate initiatives.”