Pier 1 Imports’ Q4 comps increase 8.9%
Fort Worth, Texas-based Pier 1 Imports saw comparable-store sales increase 8.9% in the fourth quarter ended Feb. 26. For the full year, comparable-store sales surged 10.9%, compared with an increase of 1.5% in the prior year.
CEO Alex Smith called 2010 "truly an exceptional year," as the retailer achieved annual operating income for the first time in six years.
In the fourth quarter, Pier 1 reported net income of $57.1 million, compared with last year’s fourth quarter net income of $34.5 million. Total sales were $426.6 million, up 7.7%.
For the year, net income was $100.1 million, compared with net income of $86.8 million in fiscal 2009.
"The journey we started four years ago to return Pier 1 Imports to profitability and beyond has reached its initial destination — profitability — but we are by no means done," said Smith.
The company unveiled a three-year growth plan designed to drive sales, further improve profitability and increase shareholder value. It will invest $200 million into the business and return value back to its shareholders through a $100 million initial share repurchase program, Smith said.
The goal of the initiative is to achieve sales of $200 per retail square foot and drive operating margin to at least 10% of sales within three years.
"We are now positioned offensively, rather than defensively," Smith said.
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Manufacturers sound off on nuclear energy
The American Hardware Manufacturers Association (AHMA) Industry Confidence survey touches on hot-topic current events — nuclear energy and no-fly zones.
In addition to measuring industry confidence, the AHMA surveyed members on hot-topic current events.
One question dealt with nuclear energy: “Concerns about radiation leaks from nuclear power plants in Japan as a result of the recent earthquake and tsunami have some in the U.S. calling for increased restraints on the use of nuclear energy in this country. Do you agree with efforts to limit nuclear power as an energy source in the U.S.?”
Most — 66% of respondents — answered "no," 17% answered “yes," and another 16% answered "not sure."
A second question dealt with Libya. “The Obama administration, following a U.N. resolution, approved U.S. military involvement in the enforcement of a ‘No-Fly Zone’ in Libya. Do you agree with this action?"
More than half — 52% — responded “yes,” 7% responded “not sure,” and 41% responded “no.”
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HD Supply names new marketing exec
HD Supply has appointed Paula Presenkowski as the new VP marketing of its Facilities Maintenance division. She will report to Anesa Chaibi, president and CEO of HD Supply Facilities Maintenance.
Presenkowski will lead the marketing operations, creative services and research teams. She has extensive marketing experience that spans over 20 years and includes both business-to-consumer and business-to-business expertise.
Presenkowski joined HD Supply Facilities Maintenance in 1997 as marketing manager and most recently served as its strategic marketing director. Her accomplishments include leading the company’s annual strategic planning process and heading the development of its sustainability program.
HD Supply Facilities Maintenance is a leading supplier of maintenance, repair and operating (MRO) products to owners and managers of multi-family, hospitality, educational and commercial properties; healthcare providers; and municipal and government facilities. HD Supply Facilities Maintenance has 36 distribution centers nationwide, a fleet of more than 600 delivery vehicles and more than 22,000 products.
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