Pier 1 Imports announces first quarter sales results
Home Accents Today Staff -- Home Accents Today, June 2, 2011
FORT WORTH, Texas - Pier 1 Imports, Inc. today reported sales results for the first fiscal quarter ended May 28, 2011. Comparable store sales for the quarter increased 10.2% compared to an increase of 14.3% for the first quarter a year ago. Total sales for the quarter improved to $335 million compared to $306 million in the year-ago quarter.
The comparable store sales increases for the first quarter were driven by increases in traffic, conversion rate and average ticket. Merchandise margins were strong and will be approximately 59.5% of sales, up from last year's first quarter merchandise margins of 58.6% of sales. First quarter earnings are expected to be in a range of $0.11 to $0.12 per share versus last year's first quarter reported earnings of $0.07 per share.
Alex W. Smith, president and CEO, said, "We are very pleased with our first quarter sales results. Our customers responded positively to our spring assortments throughout the quarter and we continue to see strong merchandise margin trends across all merchandise categories. We look forward to discussing our first quarter results during our upcoming conference call."
The company will announce fiscal 2012 first quarter financial results prior to market open on June 16, 2011 and will host a conference call later that morning at 10:00 a.m. Central Time to discuss the results.