Pier 1 Sales Jump 8.2 Percent in Third Quarter
FORT WORTH, Texas-Pier 1 Imports registered sales of $383 million in its fiscal third quarter, up 8.2 percent over the third quarter of last year, according to a preliminary report from the home specialty retailer.
That sales gain included an increase of 7 percent in its same store sales. Pier 1 said sales were driven by increases in both store traffic and average ticket. Merchandise margins for the quarter are expected to be about 60 percent of sales, up from 58.9 percent in last year's third quarter. The third quarter of this year ended on Nov. 26.
Alex Smith, Pier 1's president and CEO, said, "Our strong assortments and the right balance between regular and promotional pricing drove strong sales and merchandise-margin growth." Smith added that comparable-store sales for the entire Thanksgiving weekend increased 10 percent over last year.
Pier 1 said it will release the full third-quarter report on Dec. 15.