Fort Worth, TX, July 6, 2006--Pier 1 Imports reported that sales for the five-week period ended July 1, 2006 that were off 15.7% to $143.3 million. The company reported comparable store sales that declined 18.4%.
Year-to-date sales for the four-month period amounted to $519.4 million, down 7.3%, and comparable store sales declined 10.2%.
Marvin J. Girouard, Pier 1's Chairman and Chief Executive Officer, commented, "Sales in June were disappointing, especially after the Father's Day weekend when last year's heavy promotions caused more difficult sales comparisons. Although customer traffic remained below last year in June, merchandise margins improved versus the year-ago period.
"In mid-July, we plan to launch the Loft 21 by Pier 1 collection representing the newest merchandise introduction under our Modern Craftsman designs. Advertising support during July includes television, catalog, magazines, internet and direct mail tests. Pier 1's Urban Spaces catalog, featuring Loft 21 merchandise, will be distributed to approximately 9 million shoppers, including a significant number of new, potential customers from our updated mailing list."
