Pier 1 Imports, Inc. (NYSE:PIR) today reported financial results for the first quarter ended May 26, 2012.
First Quarter Financial Highlights
- Comparable store sales increased 7.2% versus last year’s increase of 10.2%; three-year cumulative comparable store sales increase of 31.7%
- Gross profit up 150 basis points to 41.6% of sales
- Operating income up 170 basis points to 7.6% of sales
- Earnings per share increased 33% to $0.16
Alex W. Smith, President and Chief Executive Officer, commented, “We’re pleased with the strong sales and earnings performance we achieved this quarter, as well as the continued expansion of our operating margin. The results demonstrate the effectiveness of our merchandising strategies and in-store execution, as well as strong full-price selling. We are excited about the upcoming launch of our e-Commerce site and the opportunity for Pier 1 Imports to capture market share as we continue our evolution into an industry-leading, multi-channel retailer.”
“We remain committed to increasing shareholder value,” continued Smith. “During the quarter, we returned $53 million to our shareholders in the form of share repurchases and cash dividends. Given the underlying strength of our operating strategy and solid financial condition, we are confident that we can continue to drive strong results and deliver value to our shareholders over the long-term.”First Quarter Results For the first quarter ended May 26, 2012, the Company reported net income of $17.8 million, or $0.16 per share, compared to last year’s first quarter net income of $14.1 million, or $0.12 per share. Total sales for the first quarter were $361.1 million, a 7.9% increase from $334.6 million in the year-ago quarter. Comparable store sales increased 7.2% during the first quarter on top of last year’s 10.2% gain. Strong sales results for the period are primarily attributable to increases in store traffic and higher average ticket.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV