Pier 1 Imports, Inc. (NYSE:PIR) today updated expectations for its fourth quarter and full year ending March 1, 2014. The company will report full financial results for fiscal 2014 and hold a conference call as scheduled on April 10, 2014.
Alex W. Smith, President and Chief Executive Officer, stated, “Since our holiday sales update on January 9 th we have continued to experience significant disruption from adverse weather in many of our major markets. This has resulted in considerably softer store traffic, as well as some temporary store closings, which further pressured fourth quarter sales and merchandise margin. Our fourth quarter results are frustrating and disappointing. However, we know the weather will eventually end and we can get back to more typical business trends. Our ‘1 Pier 1’ strategy – which lets our customer shop however she chooses – continues to gain traction, and although store traffic was tough in the quarter, Pier1.com once again outperformed our expectations. We saw another sequential increase in e-Commerce sales, which reached 5% of total sales in the quarter, while traffic to the site increased to 1.9 million visitors per week. For the full year, e-Commerce will contribute approximately 4% to fiscal 2014 total sales – putting us readily on track to reach our targeted contribution of 10% of total sales by the end of fiscal 2016.”
“Despite the difficult fourth quarter in our stores, we made further advancements under our ‘1 Pier 1’ strategy, strengthened our portfolio of Pier 1 Imports stores and returned cash to our shareholders through share repurchases and cash dividends. We are entering fiscal 2015 in a clean inventory position. We have a compelling assortment of spring merchandise in store and online and the initial customer response has been extremely positive. We’re particularly excited about our outdoor collection this spring, which is our strongest to date thanks to the early success of both Pier1.com and Express Request, which enable us to broaden the assortment available to our customers.”