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PIER 1 WARNS OF SALES SHORTFALL IN FOURTH QUARTER DUE TO WEATHER.
NEW YORK-After reporting robust third-quarter sales, Pier 1 Imports told Wall Street that due to poor weather conditions, fourth-quarter sales and earnings will fall short of expectations.
Management said earnings for the fourth quarter will be in the range of 52 to 58 cents while same-store sales will be in the range of flat to a decline of 5 percent. Same-store sales for December, meanwhile, are expected to decline 4 to 8 percent.
"Looking forward, sales continue to build each week in December and we still have over 50 percent of the month's business ahead of us," said Marvin Girouard, chairman and chief executive officer. "However, so far this month, traffic has been weak throughout the country, and has been further impacted by snowstorms in the Midwest, Mid-Atlantic and Northeastern regions."
Girouard made the remarks in the third-quarter report, which showed net sales rising 10 percent to $482.4 million from $438.5 million in the prior year while net income increased 3.5 percent to $32.2 million, or 36 cents per share, from $31.1 million, or 34 cents per share.
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