Pier 1 Imports Q2 2017 net sales decreased 6.7%
Staff Writer | September 29, 2016
Pier 1 Imports reported financial results for the 2017 second quarter ended August 27, 2016.
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Net sales decreased 6.7% to $405.8 million, compared to $435.0 million in the same period last year. Company comparable sales for the quarter decreased 4.3%.
E-Commerce represented approximately 20% of net sales in the second quarter, as compared to approximately 17% of net sales in the second quarter of fiscal 2016.
Taking into account e-Commerce orders placed in or picked-up in-store, approximately 90% of the second quarter fiscal 2017 net sales directly touched a store.
Gross profit for the second quarter of fiscal 2017 totaled $145.0 million, or 35.7% of net sales, compared to $154.6 million, or 35.5% of net sales, in the second quarter of fiscal 2016.
Second quarter merchandise margin (the result of adding back delivery and fulfillment net costs and store occupancy costs to gross profit) totaled $229.8 million, or 56.6% of net sales, compared to $239.8 million, or 55.1% of net sales, in the second quarter of fiscal 2016.
The year-over-year improvement in merchandise margin as a percentage of net sales is primarily attributable to a more balanced promotional strategy and improved operational execution within the Pier 1 Imports' distribution centers.
For the three months ended August 27, 2016, contribution from operations (gross profit less compensation for operations and operational expenses) totaled $61.5 million, compared to $68.5 million during the same period last year.
Second quarter fiscal 2017 selling, general and administrative (SG&A) expenses were $135.8 million, or 33.5% of net sales, compared to $133.4 million, or 30.7% of net sales, in the year-ago period.
Cost reductions across the organization were offset by planned investments in marketing, including television advertising.
The following table details the breakdown of SG&A expenses for the second quarter of fiscal 2017 as compared to the same period last year (in millions). ■ What to read next
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