Boston, MA 06/20/2014 (wallstreetpr) – Pier 1 Imports Inc (NYSE:PIR) on June 19, 2014 reported the financial results of the company for Q1 which ended on May 31, 2014. The comparable sales growth of the company was reported to be 6.3% in first quarter of the present fiscal year. The President and Chief Executive Officer of the company, Alex W. Smith stated that the company was pleased to see increased strength in e-Commerce and that it exceeded the speculations to reach 9% of sales for the quarter. The company anticipated that the sales through its e-commerce business, Pier1.com will cross $200 million mark in the 2015 fiscal.
Marketing and Merchandising seen as Crucial Pier 1 Strategy
Alex W. Smith attributed the sales growth to strong marketing message as well as ability of the merchants to curate exceptional merchandise along with 1 Pier 1 strategy, which led to engaging shopping experience. He added that there was a shift in the customer’s shopping behaviour and timely transformation of the company helped it to position appropriately fir drive brand growth.
Quarterly Financial Results
For the quarter which ended on May 31, 2014, Pier 1 Imports Inc (NYSE:PIR) reported that the net income was $15.1 million, or $0.16 per share in comparison to net income of $20.3 million, or $0.19 per share of the first quarter of previous fiscal year.
Total sales of the company for first quarter were reported to be $419.1 million, an increase of 6.1% in contrast with $394.9 million of the previous year’s first quarter.
The comparable sales of the company increased 6.3% during Q1 and this was attributed to increased total brand traffic, conversion as well as more average ticket.
Gross profit of the company for the first quarter of the current fiscal was reported to be $167.7 million. The selling, general and administrative expenses in the first quarter leveraged a little bit to $131.5 million, or 31.4% of sales.
Financial Guidance for 2015 Fiscal
In the financial guidance for 2015 fiscal, Pier 1 Imports Inc (NYSE:PIR) expected the Earnings per share in the range of $1.14 to $1.22. The company said that this would represent a year-over-year growth of 13-21%.
