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Favorable customers response aid Pier 1 sales gain 12.5%
06 Feb '06
2 min read
Home furnishing maker Pier 1 Imports Inc reported that sales for the four-week period ended January 28, 2006 aggregated $133,797,000, an increase of 12.5 percent from $118,921,000 last year, and comparable store sales increased 8.2 percent.
Year-to-date sales for the eleven-month period amounted to $1,741,210,000, down 2.2 percent from $1,780,575,000 last year, and comparable store sales declined 7.0 percent.
Marvin J Girouard, Pier 1's Chairman and Chief Executive Officer, commented that they are pleased to report positive comp store sales in January.
Sales throughout the month were highly promotional as planned, and store traffic and average ticket were both up during the month as customers responded favorably to their seasonal clearance event.
"Sales were promotionally-driven both in December and January, and they now project merchandise margins for the fourth quarter to be about 400 basis points below last year.
Based on solid sell-through of units this quarter, they estimate that inventories will be approximately 5 percent above last year by fiscal year-end February 25, 2006.
They also anticipate February to be a transitional period as store inventories begin the month lean and build as new merchandise arrives in stores.
As a result, comp store sales for February are projected to be in the negative single-digits.
Looking ahead, they are excited about the March launch of their new merchandise collections, their national spring catalog mailing in mid-March, as well as improved visual presentations in stores."
Pier 1 Imports Inc is North America's largest specialty retailer of imported decorative home furnishings and gifts with Pier 1 Imports stores in 49 states, Puerto Rico, Canada, and Mexico; The Pier stores in the United Kingdom and Ireland; and Pier 1 kids stores.
Year-to-date sales for the eleven-month period amounted to $1,741,210,000, down 2.2 percent from $1,780,575,000 last year, and comparable store sales declined 7.0 percent.
Marvin J Girouard, Pier 1's Chairman and Chief Executive Officer, commented that they are pleased to report positive comp store sales in January.
Sales throughout the month were highly promotional as planned, and store traffic and average ticket were both up during the month as customers responded favorably to their seasonal clearance event.
"Sales were promotionally-driven both in December and January, and they now project merchandise margins for the fourth quarter to be about 400 basis points below last year.
Based on solid sell-through of units this quarter, they estimate that inventories will be approximately 5 percent above last year by fiscal year-end February 25, 2006.
They also anticipate February to be a transitional period as store inventories begin the month lean and build as new merchandise arrives in stores.
As a result, comp store sales for February are projected to be in the negative single-digits.
Looking ahead, they are excited about the March launch of their new merchandise collections, their national spring catalog mailing in mid-March, as well as improved visual presentations in stores."
Pier 1 Imports Inc is North America's largest specialty retailer of imported decorative home furnishings and gifts with Pier 1 Imports stores in 49 states, Puerto Rico, Canada, and Mexico; The Pier stores in the United Kingdom and Ireland; and Pier 1 kids stores.
Pier 1 Imports Inc
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