Pier 1 sees large profit drop.(Business Today)
Home Textiles Today, December, 2004 by Hogsett, Don
FORT WORTH, TEXAS -- Hurt by sharply eroding margins and sliding same-store sales, third quarter profits at Pier 1 Imports Inc. plummeted 39.5 percent, to $19.5 million from $32.2 million last year. Buoyed by continued expansion, overall sales at the home decorating specialist inched up 1.1 percent, to $487.7 million from $482.4 million a year ago.
But the acid-test measure of same-store sales continued to decline, falling 6.3 percent. December comps, the retailer said, are trending in the negative mid-single-digits, and the company is now forecasting a fourth quarter drop in the same range. Putting earnings under heavy pressure, in addition to sliding same-store sales, average gross margin was throttled down 390 basis points, or 3.9 percentage...
Most Recent Business Articles
- Multiple criteria evaluation and optimization of transportation systems
- Multi-criteria analysis procedure for sustainable mobility evaluation in urban areas
- A two-leveled multi-objective symbiotic evolutionary algorithm for the hub and spoke location problem
- Multi-criteria analysis for evaluating the impacts of intelligent speed adaptation
- The development of Taiwan arterial traffic-adaptive signal control system and its field test: a Taiwan experience
Most Recent Business Publications
Most Popular Business Articles
- 7 tips for effective listening: productive listening does not occur naturally. It requires hard work and practice - Back To Basics - effective listening is a crucial skill for internal auditors
- FAS 109: a primer for non-accountants - Financial Accounting Standards Board's "Statement 109: Accounting for Income Taxes"
- LIFO vs. FIFO: a return to the basics
- Design a commission plan that drives sales - Sales Commissions
- Too Young to Rent a Car? - 25-years-old the minimum age for car renting - Brief Article
