Business

Pier 1 stock moves higher on strong December sales

Pier 1 Imports said same-store sales increased by 8.2 percent in December.
Pier 1 Imports said same-store sales increased by 8.2 percent in December.

Shares of Pier 1 Imports were trading higher today the retailer reported higher sales for the critical holiday selling season.

The Fort Worth-based home furnishings retailer said today that same-store sales for the five-week period ended Jan. 3 increased by 8.2 percent, compared to the same period a year ago.

“We are pleased with our December sales performance,” said Alex W. Smith, Pier 1’s president and chief executive officer in a prepared statement. “Traffic to the brand was up nicely and sell-through on our holiday assortments was on plan. We are in the midst of our clearance efforts and beginning the transition to fresh spring looks in-store and online. We believe the business is well-positioned as we head into the early spring selling season.”

Pier 1 stock (ticker: PIR) was up more than 7 percent, or $1.24, to $16.91 a share in morning trading.

The company plans to report fourth-quarter and full-year results for the 12 months ending Feb. 28 on April 8.

Steve Kaskovich

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