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%.