Pier 1 Imports, Inc. (NYSE:PIR) today reported financial results for the first quarter ended June 1, 2013.
First Quarter Financial Highlights
- Total sales increased 9.3%
- Comparable store sales rose 5.9%
- Gross profit as a percentage of sales up 80 basis points to 42.4%
- Operating margin expanded 80 basis points to 8.4%
- Net income increased 14% to $20.3 million; Earnings per share growth of 19% to $0.19
“Our results for the period, our 15
consecutive quarter of significant sales and profit growth, reflect a solid quarter of execution,” stated Alex W. Smith, President and Chief Executive Officer. “The continued improvement of our gross profit speaks to the success of our merchandising strategies, both in-store and online, and reflects strong full-price selling during the period. We also leveraged expenses, enabling us to deliver operating margins of 8.4% and earnings per share growth of 19%.”
Mr. Smith continued, “We’re pleased with the ongoing progress we are making towards building out our multi-channel functionality and executing our '1 Pier 1' vision. The rollout of our new point-of-sale system is on track for completion later this summer; we will then begin the integration of our stores and e-Commerce businesses, laying the foundation to provide a seamless and significantly enhanced shopping experience for our customers.”
First Quarter Fiscal 2014 Results
For the first quarter ended June 1, 2013, the Company reported net income of $20.3 million, or $0.19 per share, compared to last year’s first quarter net income of $17.8 million, or $0.16 per share. Total sales for the first quarter were $394.9 million, a 9.3% increase versus $361.1 million in the year-ago quarter. Comparable store sales increased 5.9% during the first quarter compared to last year’s comparable store sales gain of 7.2%. Comparable store sales results for the quarter were primarily attributable to increases in store traffic and higher average ticket.