Q3 Sales Drop 2.4% at Pier 1 Despite New Catalog
The Fort Worth, TX-based multichannel home décor merchant also posted a net loss of $7.18 million compared to last year's net earnings of $19.48 million.
"Although we are disappointed by overall third-quarter results, the national distribution of two Pier 1 catalogs this fall improved traffic trends over that period," Pier 1 chairman/CEO Marvin J. Girouard said in a statement. "In addition, we believe catalogs can create a positive brand image for Pier 1 merchandise and have a longer impact on customers than newspaper catalogs."
For the nine months ended Nov. 26, the company generated a 3.8 percent decrease in sales to $1.32 billion while comparable-store sales dropped 8.7 percent. Also, Pier 1's net loss for the nine months was $29.83 million compared to last year's income of $41.66 million.
Chantal Todé covers catalog and retail news and BTB marketing for DM News and DM News.com. To keep up with the latest developments in these areas, subscribe to our daily and weekly e-mail newsletters by visiting www.dmnews.com/newsletters