FORT WORTH, Texas-Pier 1 Imports posted a 10.3 percent jump in same-store sales for its fiscal fourth quarter ending on Feb. 25, according to a preliminary statement on its results from the specialty retailer.
That result bettered the same-store sales gain of 8.9 percent from last year’s fourth quarter. Total sales rose 11.8 percent to $477 million. For the fiscal year, same-store sales increased 9.5 percent and total sales finished at $1.5 billion, up 9.8 percent from the prior fiscal year.
Pier 1 also said gross margin for the quarter was expected to be 45.5 percent, up 270 basis points from last year’s fourth quarter. Alex Smith, president and CEO, said merchandise margins were healthy throughout the quarter, and that Pier 1’s momentum should continue into the first quarter of this year. “Our spring, outdoor and Easter product assortments are pacing ahead of last year,” Smith said.