Pier 1 Imports Said Customer Traffic Better In September (PIR)

Mon. October 12, 2009; Posted: 05:11 PM

Oct 12, 2009 (SmarTrend(R) News Watch via COMTEX) -- PIR | Quote | Chart | News | PowerRating -- 10/12/2009 - Pier 1 Imports Inc. (NYSE:PIR) said Monday that sales at stores that have been open at least one year rose 9.9% in September as customer traffic improved. The news sent shares up 13.4% in afternoon trading. The retailer also said merchandise margins improved as it marked down fewer items and sold less inventory at clearance prices. If the stock price continues to improve, the company may terminate the conversion rights of those holding 9% of the company's convertible notes that were issued in Q2, which would lessen dilution for current stockholders. President and CEO Alex Smith said in a statement, "Although it is still early in the quarter, we have seen nothing to indicate that recent sales and traffic trends will not continue. As we head into November and December, we feel confident about our inventory level and our ability to manage it with significantly less markdowns than last year, resulting in continued improvements to merchandise margins on a year over year basis."

Write to Chip Brian at cbrian@tradethetrend.com

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For full details on Pier 1 Imports Inc (PIR) click here. Pier 1 Imports Inc (PIR) has Short Term PowerRatings of 5. Details on Pier 1 Imports Inc (PIR) Short Term PowerRatings is available at This Link.

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