Pier 1 sees net income increase in 3Q

Fort Worth-based Pier 1 Imports Inc.’s reported third-quarter results on Thursday with the company’s net income increasing 13 percent. For the three months ending Nov. 30, Pier 1 Imports earned $26.8 million, or 26 cents per share. That compares with $23.7 million, or 22 cents per share, in the previous year’s report.

Adjusted net income (non-GAAP) for the third quarter of last year was $27.1 million, and adjusted earnings per share were $0.25. Total sales for the third quarter were $465.5 million, a 9.6 percent increase versus $424.5 million in the year-ago quarter. For the third quarter ended November 30, the company reported net income of $26.8 million, or $0.26 per share, compared to $23.7 million, or $0.22 per share a year ago. CEO Alex W. Smith said the company had record sales for both Black Friday and the post-Thanksgiving weekend.

“We’re pleased to deliver solid third quarter financial results,” said Smith. “Our unique and special merchandise assortments created a well-positioned value offer that resonated with our customers. Our more overtly promotional marketing stance drove strong traffic, and our store and ecommerce teams delivered on conversion. In fact, this year marked a new, all-time sales record for both Black Friday and the full post-Thanksgiving weekend.” Sales at stores open at least a year increased 6.9 percent.