Pier 1 Imports, Inc. (PIR), a specialty retailer of imported decorative home furnishings, gifts and accessories, said Monday that its same-store sales increased 9.9% in September, sending its shares up by more than 12% in after hours trading.
The Fort Worth, Texas-based company also said its third quarter merchandise margins continue to improve due to significantly reduced markdown and clearance activity and strong input margins. Additionally, Pier 1 said that if its stock price continues to improve, it expects to exercise the right this month to terminate the conversion rights of the holder of the company's 9% convertible notes that were issued in the second quarter. So far, about $15 million of the original $61.2 million bonds have either been converted or submitted for conversion into about 6 million shares.
Alex Smith, Pier 1 President and Chief Executive Officer, said, "Since the end of the second quarter, we have seen increases in traffic and our conversion rates, which have resulted in positive comparable store sales. Although it is still early in the quarter, we have seen nothing to indicate that recent sales and traffic trends will not continue."
Pier 1 shares closed Monday's regular trading session at $4.41, up 25 cents or 6.01% and gained an additional 54 cents or 12.24% in after hours trading.
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