It was a tough first quarter at Pier 1 as the home specialty store reported a drop in overall sales and comparable store sales for the three month period ended June 2.
Net sales for the quarter decreased 9.2% to $371.9 million, compared to net sales of $409.5 million for the previous first quarter. Company comparable sales decreased 8.2% versus the year-ago period. Net loss for the quarter was $28.5 million, deepening from a net loss of $2.98 million in the comparable quarter the previous year.
“We unveiled our three-year strategic plan in April 2018, at which point we laid out our expectations for the first quarter, full-year fiscal 2019 and our overall three-year plan. Our first quarter performance was in line with those expectations,” said Alasdair James, president and CEO, Pier 1 Imports. “One quarter into our three-year journey, we are on track with execution and preparing for the re-launch of the Pier 1 brand this fall.”
James noted that the company is focused on strengthening its value proposition through refreshed merchandise assortments and sharper pricing, creating a more compelling shopping experience through enhanced merchandising and messaging, and developing dynamic marketing programs to support a new brand positioning: “Pier 1: This is me.”