Pier One reports stormy third quarter.(BUSINESS Today)
Home Textiles Today, December, 2005 by Hogsett, Don
FORT WORTH, TEXAS -- With same-store sales still sliding, and margins thinning out as costs climbed higher and stockpiles soared, struggling home accessories retailer Pier 1 Imports Inc. recorded a third-quarter loss of $7.2 million, reversing a prior-year quarterly profit of $19.5 million.
Pier 1 sales declined by 2.4 percent, to $476.2 million from $487.7 million last year. The make-or-break gauge of same-store sales fell even further, dropping off by 6.5 percent. In addition to falling comps, average gross margin contracted by 280 basis points, or 2.8 percentage points, putting earnings under heavy pressure. Caught between the lower sales and narrowed margins, gross margin dollars fell by 9.3 percent, to $173.4 million from $191.1 million last...
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