Pier 1 Closes 98 Stores, Sales Drop
Pier 1 Imports reports that total sales declined 7.1 percent to $374.2 million in the third quarter ended December 1, 2007 from $402.7 million reported for year-ago quarter. This is primarily due to the closure of 98 stores. Comparable store sales, which exclude figures for Pier 1 Kids, clearance stores and e-commerce operations, declined 1.7 percent for the quarter. "Our strategy of profitable sales at sustainable margins, combined with a greater emphasis on lower ticket impulse items, is beginning to pay off," says Alex W. Smith, Pier 1's president and CEO. "We are pleased with our third quarter margin results, which would have been higher had it not been for the clearance of our Pier 1 Kids merchandise."