Pier 1 Imports, Inc. (NYSE:PIR) today reported financial results for the third quarter ended November 24, 2012.
Third Quarter Financial Highlights
- Comparable store sales increased 7.9% versus last year’s increase of 7.0%; three-year cumulative comparable store sales increase of 25.1%
- Gross profit as a percentage of sales up 70 basis points to 43.9%
- Operating income increased 18%; operating margin expanded to 9.1%
- Earnings per share of $0.22 (GAAP) and $0.25 (non-GAAP) versus $0.21 last year (see reconciliation below of earnings per share to adjusted non-GAAP earnings per share)
“Our third quarter results represent the 13 th consecutive period of growth in comp store sales and earnings per share,” stated Alex W. Smith, President and Chief Executive Officer. “Our team continues to execute well, bringing the Pier 1 Imports customer a highly differentiated assortment of merchandise that keeps her coming back to both our stores and website. This marks the Company’s first full quarter of e-Commerce sales and we’re pleased with the initial results, as the level of both new and existing customer visits indicates the long-term opportunity is significant. Indeed, we saw very strong traffic at both our stores and Pier1.com during the period, and trends have remained robust thus far in the holiday selling season.”
Smith continued, “The combination of our sizeable store base and e-Commerce capabilities provides us with a powerful platform for growth. We are continuing to build out our multi-channel functionality and believe the business is ideally positioned to achieve the goals laid out in our Three-Year Growth Plan. Our Board of Directors and management greatly appreciate the support of Pier 1 Imports’ shareholders and remain committed to returning value to them. Today, we are announcing our third $100 million share repurchase program, reflecting our confidence in the underlying strength of the business and the significant potential ahead of us. Additionally, we have increased our quarterly cash dividend by 25% to $0.05 per share.”