Pier 1 sees 1Q profits jump 70%. (Business Today). (Pier 1 Imports Inc., 2002).(Brief Article)(Statistical Data Included)
Home Textiles Today, June, 2002 by Hogsett, Don
FORT WORTH, TX -- With same-store sales racing ahead at a near double-digit pace, first-quarter profits at Pier 1 Imports Inc. virtually doubled, shooting up by 79.7 percent, to $22.2 million from $12.3 million last year. Bucking a two-year-old trend of sluggish retail sales across the nation., Pier 1 managed to drive its same-store sales ahead at a heady 9.5 percent pace.
Getting a lift as well from the steady rollout of new units, overall sales at the specialty retailer jumped up by 18.1 percent, to $384.4 million from $325.4 million a year ago. In a big lift to the bottom line, average gross margin widened by 120 basis points, or 1.2 percentage points, to 42.7 percent from 41.5 percent the preceding year. Gross margin dollars rose by 21.6 percent,...
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