FORT WORTH, Texas–Same-store sales for Pier 1 Imports grew 10.2 percent in the third quarter, according to a preliminary report on its quarterly results from the specialty retailer.
The comparable-store increase occurred on top of a 13.7 percent same-store gain in the third quarter of last year. Total sales for the quarter reached $354 million, up 8.3 percent from last year. When all the numbers are counted, merchandise margins are expected to total 58.5 percent, which would be a pickup of 119 basis points over last year.
Alex Smith, Pier 1’s president and chief executive officer, said these results exceeded the company’s expectations for the quarter, which ended Nov. 27. Smith said strong sales figures in September and October carried through November and the Thanksgiving holiday weekend. “Traffic, conversion and average ticket for the quarter were positive and continued to be the key drivers of our comp-store sales increases,” Smith said.
The company will release the full report on its third quarter on Dec. 16.