PIER 1 PROFITS NEARLY HALVED, BUT CREDIT CARD BUSINESS UP.
HFN: The Weekly Newspaper for the Home Furnishing Network, September, 2004 by Rudnick, Michael
Byline: Michael Rudnick
FORT WORTH, Texas-Buried somewhere between reports of soft profits and slumping earnings numbers, Pier 1 Imports' private-label credit card business was on the rise this past quarter.
Pier 1 reported a profit for the second quarter ended Aug. 28 of about $10.45 million, sliding nearly 50 percent from the same period last year. Earnings per share at the specialty furniture retailer were not far behind, slipping to 12 cents per share from 20 cents per share. Profits were partly dragged down by a same-store sales decline of 3.0 percent.
The credit card business offered a positive story, however, as sales from this avenue increased 16 percent for the quarter and represented 30.4 percent of U.S. store sales, compared with...
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