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Pier 1 Imports, Inc. Reports Fiscal 2015 First Quarter Results

Pier 1 Imports, Inc. (NYSE:PIR) today reported financial results for the first quarter ended May 31, 2014.

“We achieved company comparable sales growth of 6.3% in the first quarter, reflecting strong traffic to the Pier 1 Imports brand,” stated Alex W. Smith, President and Chief Executive Officer. “We are pleased to see increasing strength in e-Commerce, which exceeded our plans and reached 9% of sales for the quarter. At the same time, our stores continue to serve as an important and productive gateway to Pier1.com, with approximately one-quarter of our online transactions originating at the store and one-third of orders placed at home being picked up in-store. Given the momentum we are experiencing, we now anticipate that sales through Pier1.com will exceed $200 million in fiscal 2015. Nevertheless, the retail environment remains highly promotional and is pressuring gross profit in the near-term. As a result, we are adjusting our full-year earnings forecast accordingly.”

“Our expanded spring and outdoor assortments resonated with customers and were buoyed by a strong marketing message. Our talented merchants continue to curate exceptional merchandise which, combined with our ‘1 Pier 1’ strategy, creates an engaging shopping experience. We believe this is an exciting time to be a retailer – we’re seeing a profound shift in the shopping behavior of our customers. Our timely transformation from a brick-and-mortar retailer to one with full omni-channel capabilities has us well positioned to seize upon this change and drive brand growth.”

First Quarter Fiscal 2015 Results

For the first quarter ended May 31, 2014, the Company reported net income of $15.1 million, or $0.16 per share, compared to last year’s first quarter net income of $20.3 million, or $0.19 per share. Total sales for the first quarter were $419.1 million, a 6.1% increase versus $394.9 million in the year-ago quarter. Company comparable sales increased 6.3% during the first quarter, attributable to increases in total brand traffic, conversion and higher average ticket.

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