Pier 1 Revenue Metric Rises 10.2 Percent for 3Q

Thursday, Dec 2, 2010  |  Updated 8:45 AM CDT
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Pier 1 Revenue Metric Rises 10.2 Percent for 3Q

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Home décor company Pier 1 Imports Inc. said on Thursday that a widely watched revenue metric rose 10.2 percent for the quarter ended Nov. 27, a little better than it had expected when it made a prediction last month.

On Nov. 9, the company predicted that revenue at stores open at least a year would rise 8 percent to 10 percent for its third quarter. During the same period last year that measure rose 13.7 percent. The figure is a key indicator of a retailers' health because it excludes stores that have opened or closed in the past year.

Third-quarter total revenue rose 8.3 percent to $354 million.

President and CEO Alex W. Smith said strong results in September and October carried into November and the Thanksgiving weekend. Pier 1 stores got more visitors who spent more money compared to the same period last year, Smith said.

The company said it would release third-quarter financial results on Dec. 16.

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