Pier 1 profits down 43 percent.(Business Today)
Home Textiles Today, September, 2004 by Hogsett, Don
FORT WORTH, TEXAS -- With same-store sales slacking, margins thinning and costs climbing, second quarter profits at Pier 1 Imports Inc. tumbled 43.3 percent, to $10.4 million from $18.4 million last year. Sales at the home furnishing import specialist rose 5.7 percent, to $452.3 million from $427.8 million, boosted by new store openings.
But with consumers holding on tight to their wallets and shunning the malls, the crucial gauge of same-store sales declined 3 percent. Putting earnings under heavy pressure, in addition to the lower comps, average gross margin was squeezed 210 basis points, or 2.1 percentage points, to 37.4 percent from 39.5 percent the preceding year. But even so, gross margin dollars held relatively steady at $169 million,...
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