This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Pier 1 Imports, Inc. Announces Third Quarter Sales And Increases EPS Estimate

Pier 1 Imports, Inc. (NYSE:PIR) today reported sales results for the third quarter ended November 26, 2011.

Third Quarter Highlights

  • Comparable store sales increase of 7.0% versus last year’s increase of 10.2%; three-year cumulative comparable store sales increase of 30.9%
  • Merchandise margins expected to be approximately 60% of sales versus 58.9% last year
  • Earnings per share expected to be in a range of $0.20 - $0.21; an increase from previous estimate of $0.18 per share

Comparable store sales for the third quarter ended November 26, 2011 increased 7.0% compared to last year’s comparable store sales increase of 10.2% for the third quarter ended November 27, 2010. Total sales for the quarter improved 8.2% to $383 million compared to $354 million in the year-ago quarter. Comparable store sales for the first nine months increased 9.2% compared to a comparable store sales increase of 11.8% in the year-ago period. Total sales for the first nine months increased 9.0% to $1.057 billion from $970 million for the same period last year. The comparable store sales increase for the third quarter was driven primarily by increases in traffic and average ticket. Merchandise margins for the third quarter were strong and will be approximately 60% of sales, up from last year’s third quarter merchandise margins of 58.9% of sales. Third quarter earnings are expected to be in a range of $0.20 - $0.21 per share, up from the Company’s previously reported estimate on November 9, 2011 of $0.18 per share.

Alex W. Smith, President and Chief Executive Officer, commented, “We are very pleased with our third quarter. Our strong assortments and the right balance between regular and promotional pricing drove strong sales and merchandise margin growth. Consequently, earnings per share are now anticipated to be ahead of our previous estimate. Thanksgiving weekend, the gateway to the holiday season, was excellent with comp store sales for our three-day event increasing 10% from last year. This was achieved with modest levels of discount – further testament to the quality of our product offering and store experience. We look forward to discussing our third quarter results and providing an update to the balance of the year during our upcoming conference call.”

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,214.42 -10.15 -0.06%
S&P 500 2,110.74 -3.12 -0.15%
NASDAQ 4,987.89 +20.7530 0.42%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs