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Pier 1 Imports, Inc. Reports Fiscal 2014 Third Quarter Results

Stocks in this article: PIR

Pier 1 Imports, Inc. (NYSE:PIR) today reported financial results for the 13-week and 39-week periods ended November 30, 2013.

Third Quarter Fiscal 2014 Financial Highlights

  • Total sales increased 9.6% versus last year’s increase of 10.9%
  • Comparable store sales increased 6.9% versus last year’s increase of 7.9%; three-year cumulative comparable store sales increase of 21.8%
  • Gross profit of 43.4% of sales
  • Third quarter EBITDA increased 13.3% to $53.4 million
  • Earnings per share increased to $0.26 (GAAP) versus $0.22 (GAAP) and $0.25 (non-GAAP) for the same period in fiscal 2013 (see reconciliation of earnings per share to non-GAAP adjusted earnings per share below under Financial Disclosure Advisory)

“We’re pleased to deliver solid third quarter financial results,” stated Alex W. Smith, President and Chief Executive Officer. “Our unique and special merchandise assortments created a well-positioned value offer that resonated with our customers. Our more overtly promotional marketing stance drove strong traffic, and our store and e-commerce teams delivered on conversion. In fact, this year marked a new, all-time sales record for both Black Friday and the full post-Thanksgiving weekend.”

“We are delighted with the progress we have made with 1 Pier 1 – our omni-channel strategy. Pier1.com continues to outperform our expectations, representing over 4% of total sales in the third quarter, and reflecting increases in both traffic and conversion. In addition, our re-launched and re-branded Express Request program has been a resounding success with our customers and we anticipate this will remain an important growth driver going forward.”

“We feel very good about our positioning and the execution of our holiday plans. Our holiday assortments have been very well received, as have our merchandising, marketing and customer engagement activities. We fully expect to capture additional market share over the holiday period.”

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