Pier 1 Imports, Inc. (NYSE:PIR) has reported comparable store sales of 13.7% for the third quarter period ending November 28, 2009. The company’s merchandise margin was shown as improved by 56.6% while its gross profit increased 36.6%. It’s operating income of $3 million was much better than the previous year’s operating loss of $35 million during the same period. The full financial report may be found online at http://www.pier1.com/.
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The company held a conference call after the release of the financial results. Interested parties may hear a webcast of the call on the Events page of the Investor Relations portion of the company’s site.
Pier 1 Imports, Inc. is engaged in specialty retail operations. The Company’s specialty retail operations consist of retail stores operating under the name Pier 1 Imports, selling a variety of furniture, decorative home furnishings, dining and kitchen goods, epicurean products, bath and bedding accessories, candles and other specialty items for the home. As of February 28, 2009, the Company operated 1,011 Pier 1 Imports stores in the United States and 81 Pier 1 Imports stores in Canada. During the fiscal year ended February 28, 2009 (fiscal 2009), it supplied merchandise and licensed the Pier 1 Imports name to Grupo Sanborns and Sears Puerto Rico, which sold Pier 1 Imports merchandise primarily in a store within a store format in 34 Sears Mexico stores, one Dorian's store and in seven Sears Puerto Rico stores. The stores consist of freestanding units located near shopping centers or malls and in-line positions in major shopping centers.
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