COMP SALES CLIMB AT TWO CHAINS
HFN: The Weekly Newspaper for the Home Furnishing Network, June, 1998
Pier 1 Imports Inc. reported record sales and income for the company's first quarter ended May 30. Sales were $250.5 million, a 9.3 percent increase over last year's $229.2 million. Net income was $15.5 million, a 22.6 percent gain from last year's $12.6 million. Same-store sales grew 8.3 percent.
Pier 1 Imports' results were highlighted by a 50-basis point increase in gross profit margins which increased from 43.3 percent in the first quarter of last year to 43.8 percent this year. Additionally, selling, general and administrative expenses, as a percentage of sales, decreased 40 basis points from 30.9 percent to 30.5 percent for the comparable periods. "The company continued to benefit from a healthy economy, steady store traffic and broad consumer...
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