Pier 1 Imports 3Q sales up 10.9% over year-ago quarter
Home Accents Today Staff -- Home Accents Today, November 29, 2012
Pier 1 Imports reported sales of $425 million for the fiscal third quarter 2013, an increase of 10.9% over the same quarter a year ago.
For the quarter, which ended Nov. 24, 2012, the company reported comparable store sales increased 7.9% on top of last year's 7.0% gain, which translates to a three-year cumulative comparable store sales increase of 25.1%.
President and CEO Alex Smith said the company estimates the third quarter comp number would have been a little more than 9% in the absence of Hurricane Sandy.
In the days immediately following the storm, up to 225 stores were closed, primarily due to power outages in affected areas and 50 stores operated on reduced hours. All stores were reopened and fully operational by the end of the second week in November, with the exception of one store located in Long Island, N.Y., which remains closed due to storm damage.
"While a large number of our stores experienced closure and disruption due to Sandy, our focus was directed first and foremost on the safety and well-being of our associates and others in need," Smith said. "I am extremely proud of and grateful to our associates for their efforts to reopen our stores quickly, even though their own lives were, and in some cases still are, disrupted."
Total sales for the first nine months increased to $1.153 billion from $1.057 billion for the same period last year.
"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," Smith said. "We look forward to discussing our third quarter results and providing an update on holiday business during our upcoming conference call."