Pier 1 Sales Jump 10.9 Percent in Third Quarter
FORT WORTH, Texas-Increases in both store traffic and average ticket produced another healthy quarterly performance for Pier 1 Imports, according to a preliminary report from the home specialty retailer.
Total net sales climbed 10.9 percent in the quarter, which ended on Nov. 24. This included a gain of 7 percent in same-store sales, thanks to the additional traffic and the boost in average ticket. Gross margin, when all the numbers are tallied, is expected to show an increase of 70 basis points to 43.90 percent.
Alex Smith, Pier 1's president and CEO, said the retailer was able to achieve these results despite Hurricane Sandy, which resulted in closings to a large number of its stores for a period of time. Smith said Pier 1's customers "responded particularly well to our fall assortments. We have had a terrific start to the holiday season, including a very strong Thanksgiving weekend, and believe the business is ideally positioned with a compelling merchandise assortment and multiple ways to shop the Pier 1 Imports brand, including both in-store and online."