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Pier 1 sales up in Q1, expects earnings growth

FORT WORTH, Texas — Pier 1 Imports reported that sales for its first quarter ended May 26 increased 7.9% to $361 million from $335 million in the year-ago quarter. Comparable-store sales for the quarter were up 7.2%.

For the first quarter, the company is expecting  earnings per share are expected to be approximately 16 cents versus last year’s first quarter earnings of 12 cents per share.

Alex Smith, president and CEO, commented, “We are pleased to report another quarter of profitable sales growth. Great in-store execution and strong Easter, spring, Mother’s Day and Memorial Day assortments have resonated with our customers allowing us to keep an optimal balance between full and promotional pricing. The new website and ‘Pier 1 To-You’ project is entering its final stages. We are on track and will be ready for our launch in late July.”

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