Traffic, ticket increases drive up Pier 1 comps

FORT WORTH, Texas — Comps continue to improve at Pier 1 Imports, thanks to increased traffic and average ticket size. The company reported that comparable-store sales for the third quarter increased 7%. This was on top of a 10.2% comps increase in the prior-year period. Total sales for the quarter increased 8.2% to $383 million compared with $354 million in the year-ago quarter. The company said it expects third-quarter earnings to be in a range of 20 cents to 21 cents per share, up from the company’s previously reported estimate of 18 cents per share. Alex W. Smith, President