Pier 1 Posts Q1 Gains, Extends Smith's Contract
Thursday June 14th, 2012 - 12:59PM
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For the first quarter ended May 26, Pier 1 Imports, Inc. posted net income of $17.8 million, or 16 cents per share, versus $14.1 million, or 12 cents per share, in the year-ago period, the retailer reported. The company also announced that it was renewing the contract of president and CEO Alex Smith.
Comparable store sales increased 7.2% based on increases in store traffic and higher average ticket, the company stated. Total sales for the first quarter increased 7.9%, reaching $361.1 million.
"We're pleased with the strong sales and earnings performance we achieved this quarter, as well as the continued expansion of our operating margin,” Smith commented. “The results demonstrate the effectiveness of our merchandising strategies and in-store execution, as well as strong full-price selling. We are excited about the upcoming launch of our e-commerce site and the opportunity for Pier 1 Imports to capture market share as we continue our evolution into an industry-leading, multi-channel retailer."
On June 13, Pier 1 executed a three-year renewal and extension of Smith’s employment agreement.
Michael Ferrari, chairman of the board, noted, "Alex has now been with Pier 1 Imports for over five years and under his leadership, has brought the brand back to prominence and positioned the company as one of the leading retailers in the home furnishings industry. We are pleased to have this certainty and are confident that the company will continue to prosper under his leadership."
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