Home / Knowledge / News / Retail / Pier 1 net sales down by 13.3% in Q3 FY 2020

Pier 1 net sales down by 13.3% in Q3 FY 2020

Jan '20
Pic: Pier 1
Pic: Pier 1
Pier 1's net sales for Q3 '20 (ended on November 30, 2019) decreased 13.3 per cent to $358.4 million, compared to $413.2 million in Q3 '19. Comparable sales decreased 11.4 per cent, primarily because of lower traffic. Gross profit totalled $110.3 million (30.8 per cent of net sales) compared to $130.5 million (31.6 per cent of net sales) for Q3 '19.   
Net sales for the 39 weeks ended November 30, 2019 were $977.3 million, a decrease of 14.3 per cent compared to $1.140 billion for the same period of FY '19. Gross profit for the year-to-date period of fiscal 2020 totalled $239.9 million (24.5 per cent of net sales) compared to $344.1 million (30.2 per cent of net sales) for the same period a year ago.
Pier 1 estimated that the shift of certain holiday selling days, which were included in last year's quarter, negatively impacted Q3. The impact of this timing shift is expected to be reversed in the Q4 '20, the company said in a press release. 
SG&A (Selling, General and Administrative) expenses for Q3 FY20 were $151.4 million, or 42.2 per cent of net sales, compared to $147.0 million, or 35.6 per cent of net sales, for Q3 FY19.
Operating loss for Q3 FY20 was $53.3 million compared to operating loss of $28.9 million for the prior year period. Net loss tottaled $59.0 million, or ($14.15) per share, which includes transformation costs of approximately $10 million, primarily related to professional fees, and a non-cash charge of $14.1 million related to store impairment. This compares to net loss of $50.4 million, or ($12.49) per share a year ago.
Pier 1 operated 942 stores at the end of this quarter, a decrease of 45 from Q3 '19. Further, to better align its business with the current operating environment, the company intends to reduce its store footprint by up to 450 locations. To reflect the revised store footprint, the company also plans to close certain distribution centers and reduce its corporate expenses. This includes a reduction in corporate headcount.
Founded with a single store in 1962, Pier 1 Imports is a leading omni-channel retailer of unique home décor and accessories. The Company's products are available through 936 Pier 1 stores in the US and online at pier1.com.

Fibre2Fashion News Desk (JL)

Must ReadView All

European Commission proposes new EU GSP for 2024-2034 period

Textiles | On 24th Sep 2021

European Commission proposes new EU GSP for 2024-2034 period

The European Commission recently adopted the legislative proposal for ...


Press Release | On 24th Sep 2021

EURATEX president Paccanelli urges for support to tackle energy crisis

European Apparel and Textile Confederation (EURATEX) has announced...

Pic: Shutterstock

Apparel/Garments | On 24th Sep 2021

UK competition watchdog to crack down on green fashion claims

To help businesses understand how to communicate their green...

Interviews View All

Textile Industry, Head honchos

Textile Industry
Head honchos

Extension of RoSCTL to boost textile exports

Textile Industry, Head honchos

Textile Industry
Head honchos

Multi-functional garments will be next big thing

Textile Industry, Head Honchos

Textile Industry
Head Honchos

Increase foreign exchange and create jobs

Dhirubhai & Arvind Shah,

Dhirubhai & Arvind Shah

It supplies synthetic fabrics to top international brands like M&S,...

Rajat Kapoor,

Rajat Kapoor

Seraphine is a British maternity brand providing affordable luxury fashion ...

Yawer Ali Shah,

Yawer Ali Shah

Synthetic colours and dyes were all the rage till the very first ban on...

Wolfgang Plasser, Lenzing AG

Wolfgang Plasser
Lenzing AG

The Lenzing Group is an international company headquartered in Austria...

Sven Ghyselinck, Devan Chemical

Sven Ghyselinck
Devan Chemical

Headquartered in Belgium and with offices in the United Kingdom, Portugal...

Shaan Sethi, Jaanuu

Shaan Sethi

Jaanuu, a vertically integrated e-commerce company, has reimagined the...

Shalini Sharma & Shweta Pundir Sharma, Six Yard Story

Shalini Sharma & Shweta Pundir Sharma
Six Yard Story

Six Yard Story is a premium artisanal brand with a focus to bring handloom ...

Seema Gujral, Label Seema Gujral

Seema Gujral
Label Seema Gujral

<b>Seema Gujral</b>'s designs for her eponymous label revolve around...

Anjali Bhaskar, Samatvam

Anjali Bhaskar

<b>Anjali Bhaskar</b> has an experience of 12 years in the fashion...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies


Leave your Comments

September 2021

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

Advanced Search