In the second quarter of fiscal 2013, total sales increased 8.3%. Throughout the period, business trends grew increasingly strong as customers responded favorably to all our product categories, including outdoor and summer. By early August, our stores had transitioned to the new season, and we are set with our fabulous fall Halloween and Harvest merchandise. Early reads on these assortments have been positive. Merchandise margins remained strong, reaching 60.1% in the second quarter. We continue to carefully and thoughtfully analyze the right balance of regular promotion and clearance pricing in order to maximize merchandise margin dollars while offering our customers newness, exclusive quality merchandise and a strong value proposition.During the quarter, we had fewer clearance markdowns compared to last year, which afforded us the opportunity to deliver more promotional pricing to our customers, whom, we all know, in this current environment, are still looking for a good deal. Our approach delivered both an improved margin rate and more merchandise margin dollars.
Pier 1 Imports Management Discusses Q2 2013 Results - Earnings Call Transcript
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