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Pier 1 Imports Q1 Fiscal 2007 sales drop 3.6%
15 Jun '06
3 min read
Casual home furnishings retailer Pier 1 Imports Inc announced a net loss from continuing operations of $22,765,000, or $0.26 per share, for the first quarter ended May 27, 2006.
The Company reported a net loss of $23,172,000 or $0.27 per share for the first quarter, which included an after-tax loss from discontinued operations of $407,000 or $0.01 per share. Total sales declined 3.6 percent for the first fiscal quarter to $376,092,000, from $390,314,000 in the year-ago quarter, and comparable store sales declined 6.6 percent.
The results of The Pier Retail Group Limited, the Company's subsidiary based in the United Kingdom, have been classified as discontinued operations for all periods presented in the Company's consolidated financial statements; this subsidiary was sold on March 20, 2006. Attached is a supplemental schedule presenting last year's quarterly and annual results reclassified for discontinued operations.
Fiscal 2007 first quarter results are based on the following:
-- Merchandise margins improved to 53.8 percent from 53.2 percent in the year-ago quarter.
-- Store occupancy costs increased $5.1 million and de-leveraged to 20.0percent of sales in the first quarter versus 17.9 percent for the year-ago quarter.
-- Selling, general and administrative costs were 39.2 percent of sales compared to 35.9 percent of sales in the first quarter last year. Payroll costs de-leveraged during the quarter versus last year, andmarketing costs were 8.0 percent of sales, which was even with the year-ago period. Other SG&A costs in the first quarter included $2.0 million of non-cash impairment charges recognized on store assets.
The Company reported a net loss of $23,172,000 or $0.27 per share for the first quarter, which included an after-tax loss from discontinued operations of $407,000 or $0.01 per share. Total sales declined 3.6 percent for the first fiscal quarter to $376,092,000, from $390,314,000 in the year-ago quarter, and comparable store sales declined 6.6 percent.
The results of The Pier Retail Group Limited, the Company's subsidiary based in the United Kingdom, have been classified as discontinued operations for all periods presented in the Company's consolidated financial statements; this subsidiary was sold on March 20, 2006. Attached is a supplemental schedule presenting last year's quarterly and annual results reclassified for discontinued operations.
Fiscal 2007 first quarter results are based on the following:
-- Merchandise margins improved to 53.8 percent from 53.2 percent in the year-ago quarter.
-- Store occupancy costs increased $5.1 million and de-leveraged to 20.0percent of sales in the first quarter versus 17.9 percent for the year-ago quarter.
-- Selling, general and administrative costs were 39.2 percent of sales compared to 35.9 percent of sales in the first quarter last year. Payroll costs de-leveraged during the quarter versus last year, andmarketing costs were 8.0 percent of sales, which was even with the year-ago period. Other SG&A costs in the first quarter included $2.0 million of non-cash impairment charges recognized on store assets.
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