Pier 1 Imports' second quarter revenue up

Home Accents Today Staff -- Home Accents Today, 9/1/2011 9:36:47 AM

Pier 1 Imports, Inc. reported sales results for the second quarter ended August 27, 2011.
     Comparable store sales for the second quarter increased 10.8% compared to comparable store sales increase of 11.2% for the second quarter last year. Total sales for the quarter improved to $340 million compared to $310 million in the year-ago quarter.
     Comparable store sales for the first six months increased 10.5% compared to a comparable store sales increase of 12.7% in the year-ago period. Total sales for the first six months increased to $674 million from $616 million for the same period last year. The comparable store sales increase for the second quarter was driven primarily by increases in traffic and average ticket.
     Merchandise margins for the second quarter were strong and will be approximately 59.3% of sales, up from last year's second quarter merchandise margins of 58.3% of sales. Second quarter earnings are expected to be $0.14 per share.
     Alex W. Smith, president and CEO, said, "We are very pleased with our second quarter sales results, which were consistent throughout every month of the quarter. Merchandise margins remain strong across all merchandise categories. Halloween, fall and harvest merchandise was set in all stores by early August. Customers are reacting favorably to this merchandise, which bodes well for the second half of the year. We look forward to discussing our second quarter results and providing an update to the balance of the year during our upcoming conference call."