Pier 1's Q2 Sees Double Digit Growth
GDA Staff -- Gifts and Dec, 9/2/2010 1:49:35 PM
Fort Worth, TX — Specialty home furnishings chain Pier 1 Imports Inc. saw comparable store sales growth of 11.2 percent in the second quarter ended August 28. That is a dramatic improvement compared to last year's decline of 7.6 percent. Total sales for the quarter improved to $310 million, compared to $287 million in the year-ago quarter. The company is also doing well on profit, with merchandise margins expected to be approximately 58 percent of sales. Earnings per share are estimated to be in a range of $0.10 to $0.12
Alex W. Smith, president and CEO, said in a statement, "We are extremely pleased with our comp store sales results for the second quarter. August was particularly strong with the biggest comp of the quarter. We continue to see strengths in all parts of the country and in all merchandise categories – with improvements in traffic, conversion and ticket. We are especially pleased to be showing positive comps on a two-year basis. Merchandise margins were solid and consistent throughout the quarter."
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