Pier 1 to sell items from Magnolia Home by Joanna Gaines, reports preliminary results

Pier 1

Fort Worth’s Pier 1 Imports Inc. is now offering a new line of rugs and pillows from Waco-based Magnolia Home by Joanna Gaines, co-owner, co-founder and lead designer of Magnolia.

The furnishings are now available at Pier 1’s website and will be in stores beginning April 17.

“We are delighted to bring this remarkable collection from Magnolia Home to Pier 1 Imports,” said Cathy David, executive vice president of merchandising for Pier 1 Imports. “We hope this assortment of plush, durable fabrics and rustic wool blends will continue to inspire our customers to discover endless possibilities for their home.”

Joanna Gaines, along with her husband Chip, own Magnolia Homes, a remodeling and design business in Waco, that has become popular via their appearance on the HGTV series “Fixer Upper.”

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In another news release on Monday after the market closed, Pier 1 released preliminary fourth-quarter and year-end results, announcing that the company’s profit will be slightly better than previous guidance. For the full-year, total sales fell 3.4 percent while online sales grew 20 percent, according to the news release.

“We are pleased with our preliminary fourth quarter financial results,” said Jeffrey N. Boyer, executive vice president and CFO. “Our company comparable sales were in line with our previous guidance and reflect strong execution of our merchandising, marketing and promotional strategies. We are raising our estimates for earnings per share and adjusted earnings per share for the fourth quarter and full year as a result of a number of key factors. Improved effectiveness of our promotional and discounting initiatives along with a continuation of our supply chain efficiencies drove another quarter of significantly higher merchandise margin. At the same time, our ongoing cost containment and efficiency programs throughout the Company resulted in better than expected operating expense performance. We are entering fiscal 2018 in a strong position both operationally and financially.”