PIR looking real good. Broke old high. Here are the particulars:
Pier 1 Imports Net Income Grew 58 Percent
BusinessWire, Thursday, December 11, 1997 at 06:46
FORT WORTH, Texas--(BUSINESS WIRE)--Dec. 11, 1997--Pier 1 Imports
Inc. (NYSE:PIR) announced record sales and income for the company's
third quarter ended Nov. 29, 1997.
Sales for the quarter were $262,751,000, up 16.5% from last year's
$225,598,000. All important same store sales grew 16.1%. Net income
was $16,795,000, a 58.0% increase over last year's $10,628,000 before
extraordinary charges. Earnings per share on a fully diluted basis
were 23 cents per share, a 53.3% increase over last year's 15 cents
per share before extraordinary charges.
For the nine month period ended Nov. 29, 1997, sales were
$750,099,000, up 13.3% from last year's $661,940,000. Same store
sales increased 15.6%. Net income before a special recovery was
$45,121,000, up 48.8% from last year's $30,321,000, excluding charges
related to the early extinguishment of debt. Fully diluted earnings
per share before the special recovery were 63 cents, a 40.0% increase
over last year's 45 cents per share before extraordinary charges.
"Pier 1 Imports benefited materially during the quarter from the
continued strength in the new home market and near record turnover in
existing home sales," said Clark A. Johnson, chairman and CEO.
"Customers re-allocated family resources and accelerated purchases
of furniture and decorative accessories. The company
was ideally positioned to take full advantage of that positive
trend. Third quarter results were also enhanced by the company's
strong in-store traffic, a growth in number of transactions and
higher average ticket sales, including increased activity in
the Pier 1 Imports 'Preferred Customer Card.' Pier 1 Imports is well
into the 1997 holiday selling season and expects to report a fourth
consecutive Christmas season with strong sales results."
Pier 1 Imports is North America's largest specialty retailer of
decorative home furnishings, gifts and related items with
stores in 47 states, Puerto Rico, Canada, the United Kingdom, Japan
and Mexico.
*T
COMPARATIVE OPERATING RESULTS
FOR THE THREE AND NINE MONTHS ENDED
NOVEMBER 29, 1997 AND NOVEMBER 30, 1996
(in thousands except per share amounts)
Three Months Ended Nine Months Ended
Nov. 29, Nov. 30, Nov. 29, Nov. 30,
1997 1996 1997 1996
Net Sales $262,751 $225,598 $750,099 $661,940
Income Before
Extraordinary
Item $ 16,795 $ 10,628 $ 51,476 $ 30,321
Net Income $ 16,795 $ 6,506 $ 51,476 $ 26,199
Primary Net Income
Per Share:
Before Extraordinary
Items $ 0.24 $ 0.16 $ 0.75 $ 0.47
Extraordinary Items,
Net of Income Tax
Benefit -- (0.06) -- (0.06)
Net Income $ 0.24 $ 0.10 $ 0.75 $ 0.41
Fully Diluted Net Income
Per Share:
Before Extraordinary
Items $ 0.23 $ 0.15 $ 0.71 $ 0.45
Extraordinary Items,
Net of Income Tax
Benefit -- (0.05) -- (0.05)
Net Income $ 0.23 $ 0.10 $ 0.71 $ 0.40
*T
CONTACT: Pier 1 Imports, Fort Worth
Stephen F. Mangum, 817/878-8380
KEYWORD: TEXAS
INDUSTRY KEYWORD: RETAIL EARNINGS
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Companies or Securities discussed in this article:
SymbolNameNYSE:PIRPier 1 Imports Inc |
