Pier 1 Continues Sales Climb in Fourth Quarter
FORT WORTH, Texas-Fourth-quarter net sales for Pier 1 Imports rose 15.7 percent to $552 million, according to a preliminary report from the specialty retailer.
That sales total brought Pier 1's net sales for the fiscal year ending on March 2 to $1.7 billion, up 11.2 percent over the prior fiscal year. Same-store sales also kept up its momentum, jumping 7.9 percent for the quarter and 7.5 percent for the year. Over the past three fiscal years, Pier 1's cumulative same-store sales were up 27.1 percent.
In its preliminary report, the retailer said the strong same-store results were due to increases in both store traffic and average ticket. The latter also boosted Pier 1's gross margin for the quarter by 70 basis points, to 46.2 percent.
Calling the fourth quarter "another quarter of significant growth in sales and earnings," Alex Smith, Pier 1's president and CEO, added that "fiscal 2014 will be another terrific year as we continue our evolution into a true multichannel retailer, exploiting the growth potential in our two mutually supportive and interdependent businesses--our wonderful Pier 1 Imports stores and our new, two-quarters-old e-commerce business."