Pier 1 hits double-digit comp increases in 2Q
HTt Staff -- Home Textiles Today, 9/2/2010 12:02:50 PM
Fort Worth, Texas -- Pier 1 Imports Inc. turned around is comparable store sales in the second quarter and the first half, taking them up double digits after having suffered declines in the same year-ago periods.
In the home furnishings chain's second quarter, which ended August 28, comps grew by 11.2% versus a 7.6% decrease last year. And total sales improved by 8.0% to $310 million in the second quarter.
Year-to-date, total sales increased 8.5% to $616 million $568 million. Comps jumped 12.7% versus a comp decline of 7.5% last year.
The company also noted its merchandise margins were "very strong" in the second quarter, and are expected to comprise about 58% of sales. Earnings for the second quarter are projected to be in a range of 10 cents to 12 cents per share.
"We are extremely pleased with our comp store sales results for the second quarter. August was particularly strong with the biggest comp of the quarter," said Alex Smith, president and ceo. "We continue to see strengths in all parts of the country and in all merchandise categories - with improvements in traffic, conversion and ticket. We are especially pleased to be showing positive comps on a two-year basis. Merchandise margins were solid and consistent throughout the quarter."
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