Pier 1 Imports, Inc. Announces Second Quarter Sales
Second Quarter Highlights
Comparable store sales increase of 10.8% versus last year�s increase of 11.2%
Merchandise margins expected to be approximately 59.3% of sales versus 58.3% last year
Earnings per share expected to be $0.14
Share repurchases of approximately $95.7 million to date under the share repurchase program
Pier 1 Imports, Inc. (NYSE:PIR) reported sales results for the second quarter ended August 27, 2011.
Comparable store sales for the second quarter ended August 27, 2011 increased 10.8% compared to last year�s comparable store sales increase of 11.2% for the second quarter ended August 28, 2010. Total sales for the quarter improved to $340 million compared to $310 million in the year-ago quarter. Comparable store sales for the first six months increased 10.5% compared to a comparable store sales increase of 12.7% in the year-ago period. Total sales for the first six months increased to $674 million from $616 million for the same period last year. The comparable store sales increase for the second quarter was driven primarily by increases in traffic and average ticket. Merchandise margins for the second quarter were strong and will be approximately 59.3% of sales, up from last year�s second quarter merchandise margins of 58.3% of sales. Second quarter earnings are expected to be $0.14 per share.
Under the $100 million share repurchase program, the Company has repurchased to date a total of 9,111,173 shares of its common stock at a weighted average cost of $10.50 per share and a total cost of approximately $95.7 million.
Alex W. Smith, President and Chief Executive Officer, commented, �We are very pleased with our second quarter sales results, which were consistent throughout every month of the quarter. Merchandise margins remain strong across all merchandise categories. Halloween, fall and harvest merchandise was set in all stores by early August. Customers are reacting favorably to this merchandise, which bodes well for the second half of the year. We look forward to discussing our second quarter results and providing an update to the balance of the year during our upcoming conference call.�
More about PIR at www.pier1.com.
Biomass energy utilizes organic matter like animal and plant waste, and thus reduces the area required by landfills, thereby reducing all environmental impacts caused by landfills. Biomass energy protects the forests from forest fires as wood harvesting from forest has a positive impact on the health of the forest. Air pollution and acid rain is reduced as biomass energy reduces forest fires and the resultant emission of nitrogen and sulfur compounds.
Landfill space is precious. But the fact remains that humans make waste and it has to go somewhere. The more we can do to reduce, reuse and recycle the less we have to worry about where our garbage goes. The more we can do to divert waste away from the landfill the less of our landscape will be taken up by landfills. In fact, most of our big cities now have run out of space and pay to have their garbage hauled out into the heartland adding insult to injury. If you live in southern California there’s a good chance that your garbage ends up in Arizona. If you live in New York it probably ends up in western Pennsylvania.
Cleantech Transit Inc. (�Cleantech�) (OTC.BB:CLNO) was founded to capitalize on technology advances and manufacturing opportunities in the growing clean energy public transportation sector. Cleantech Transit Inc has expanded its focus to invest directly in specific green projects that could maximize shareholder value. Recognizing the many economic and operational advances of converting wood waste into renewable sources of energy, Cleantech Transit Inc. has selected to invest in Phoenix Energy (www.phoenixenergy.net).
Cleantech Transit, Inc. is pleased to announce it has met its funding requirement to secure the Company�s ability to earn in 25% of the 500KW Merced Project.
The Company is in the final stages of closing its initial interest in the Merced Project and is currently working on completing the necessary documentation and expects closing the transaction soon. As previously announced Cleantech has the option to earn up to 40% of the Merced Project and the Company plans to continue to work towards increasing its interest in the Merced Project as they move ahead.
To discover more about CLNO, Please visit: http://www.cleantechtransitinc.com/
Tower International, Inc. (NYSE:TOWR), a leading integrated global manufacturer of engineered structural metal components and assemblies, announced that Jeff Kersten � Senior Vice President & Corporate Controller and Derek Fiebig � Executive Director of Investor & External Relations will participate in the Midwest IDEAS Conference at the University of Chicago’s Gleacher Center in Chicago, Ill., on Aug. 31, 2011. The company’s presentation is scheduled to begin at 3:05 p.m. CDT (4:05 p.m. EDT) and is expected to last approximately 30 minutes, including time for a question-and-answer session. During the presentation, management will provide an overview of Tower International’s operations, performance and other related matters.
Tower International, Inc. operates as an integrated manufacturer of engineered structural metal components and assemblies to automotive original equipment manufacturers (OEMs) worldwide. It provides body-structure stampings, frames, and other chassis structures, as well as welded assemblies for small and large cars, crossovers, pickups, and sport utility vehicles (SUV).
Goodyear Tire & Rubber Co. (NYSE:GT) announced that Stephen R. McClellan has been named president of the company’s North American Tire business unit. McClellan will succeed Curt Andersson, who plans to pursue other professional interests. McClellan will continue to be responsible for North American Tire’s consumer tire business until a successor is named.
The Goodyear Tire & Rubber Company engages in the development, manufacture, distribution, and sale of tires, and related products and services to consumer and commercial customers worldwide.
United Rentals, Inc. (NYSE:URI) announced that United Rentals of Canada, Inc., a wholly-owned subsidiary of the company, has entered into a definitive purchase agreement to acquire the business and substantially all of the assets of Ontario Laser Rentals Ltd., a leader in trench safety equipment rental in the province of Ontario. Completion of the acquisition is subject to the satisfaction or waiver of certain conditions contained in the agreement.
United Rentals, Inc. is the largest equipment rental company in the world, with an integrated network of 539 rental locations in 48 states and 10 Canadian provinces.
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