Pier 1 plots aggressive growth strategy

By Staff -- Home Textiles Today, 9/6/2002 11:03:00 AM

New York — Pier 1 Imports sees a base of at least 1,500 stores from its current 900-plus units that currently deliver $1.6 billion in sales driven by an average 15 percent annual growth rate in earnings over the next several years, a company official told an audience attending the Goldman Sachs Retailing Conference here this morning.

Charles Turner, executive vp and cfo, pointed to Pier 1's unique market position and merchandising style as key drivers to that growth. During his Friday presentation he positioned the company as a value player on a par with Bed Bath & Beyond, above Target and Cost Plus and below Williams-Sonoma and Pottery Barn.

The company last week reported August compa-store sales at 8.6 percent and second quarter sales comps at 5.8 percent.

Pier 1 employs a three-tiered merchandising strategy: trend, style and basics, Turner explained.

"One of the things we believe the consumer is looking for is something that's new and different," he said.