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Small Improvement for Pier 1

FORT WORTH, TX-After two quarters of declining performance, the home-furnishings retailer achieves improved Q3 results.

By Jennifer D. Duell | Updated on December 16, 2005

FORT WORTH, TX-Pier 1 Imports Inc. slashed itsloss during the third quarter to $7.2 million, downfrom $12.5 million in the first quarter and $10.2million in the second quarter. The third-quarter lossindicates that the chain’s performance is improvingwith an eight cent loss per share compared to 14 centsfor the first quarter and 12 cents for the secondquarter.

Moreover, same-stores sales support the fact thatPier 1 is slowly emerging from its downward spiral asQ3 comps decreased 6.5%compared to 12% in the first quarter and 7.7% in thesecond quarter. Sales during the quarter were $476.2million, a 2.4% decline from last year’s $487.7, butan improvement from earlier this year.

Pier 1 chairman and CEO Marvin J. Girouard said duringthe third quarter earnings conference call that hecontinues to be disappointed with the chain’sperformance. “Our continued challenge this year hasbeen to improve customer traffic levels anddifferentiate Pier 1 Imports stores from otherretailers through the development of more effectivemarketing and merchandising programs,” he said.

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