FORT WORTH, Texas–Pier 1 Imports said its same-store sales for September jumped 9.9 percent, a reversal from the 11.7 percent plummet in same-store sales posted in September 2008.
In a statement issued yesterday, the company said the September results have set the company on an upward track to begin its third fiscal quarter, which ends on Nov. 28. Pier 1 issued this update as it prepared to host an event for its shareholders and retail industry analysts today, during which management plans to provide more information on the shape of the retailer’s business.
The company added that its merchandise margins continue to improve on a year-over-year basis, a result of “significantly reduced markdown and clearance activity, and strong input margins.” Alex Smith, Pier 1’s president and chief executive officer, said September’s strong performance was a continuation of the improvement the retailer experienced in the second quarter, and that store traffic levels have maintained high levels in early October.
“Although it is still early in the quarter, we have seen nothing to indicate that recent sales and traffic trends will not continue,” Smith said. “We are excited about our fall and holiday marketing campaigns, and expect that they will further build on our improvements in traffic.”