18 June 2009

Pier 1, Otto earnings reports

Pier 1 Imports said comparable store sales declined 7.5% for the quarter ended May 30. Merchandise margin strengthened to 54% of sales and gross profit increased to 30% of sales, compared to the quarter ended May 31, 2008.

Privately held Otto, the world's largest mail-order group, said sales rose slightly in its first quarter. It said it would invest heavily to expand. Otto, which is based in Germany, owns Crate and Barrel, Baur and Bonprix.

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