Merchandise margins for the second quarter were 60.1% compared to 59.4% in the same period last year. Store occupancy costs were $69.4 million, or 18.9% of sales, compared to $67.2 million, or 19.8% of sales, last year. Gross profit for the quarter improved to $151.5 million, or 41.2% of sales, from $134.5 million, or 39.6% of sales in the second quarter of last year.Second quarter selling, general and administrative expenses were $112.0 million, or 30.5% of sales, compared to $105.8 million, or 31.1% of sales, in the same period of fiscal 2012. The 60 basis point improvement was primarily due to the leveraging of store salaries and fixed expenses, reflecting the Company’s effective cost containment efforts, and was slightly offset by planned increases in marketing expense.
Pier 1 Imports, Inc. Reports Second Quarter Financial Results
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
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
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts
More than 30 investing pros with skin in the game give you actionable insight and investment ideas.