Pier 1 Expects 16-18 Percent Drop in Same Store Sales
By Staff -- Gifts and Dec, 11/18/2008 9:58:00 AM
Fort Worth, TX — Home furnishings and gift retailer Pier 1 Imports forecasts that comparable store sales will fall by 16–18 percent for the third quarter. The company expects a loss of $16–$20 million before special charges.
The decline is a result of both falling traffic and decreasing dollars spent per customer, Alex Smith, president and CEO, said in a statement. “The deterioration in customer traffic that we reported for September continued into October, resulting in traffic that was down 10 percent below last year. [However] we see meaningful improvements in both conversion rate and units per transaction. These increases are offset by the fact customers primarily shopped for 'small treats,' such as Halloween and holiday decor, and smaller home furnishings and furniture purchases, resulting in a lower average ticket.”
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