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Pier 1 Imports, Inc. Reports September Sales Decline

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Pier 1 Imports, Inc. reported that sales for the five-week period ended September 30, 2006 aggregated $144,311,000 a decrease of 7.6% from $156,182,000 last year, and comparable store sales declined 10.1%. Year-to-date sales of $891,101,000 were down 8.2% from $970,171,000 last year, and comparable store sales declined 11.2%. Marvin J. Girouard, Pier 1's Chairman and Chief Executive Officer, commented, "Sales in September were in-line with our expectations. Customer traffic was below last year, average ticket sales were higher and conversion rates were slightly below the year-ago period. "New holiday merchandise is currently flowing into Pier 1 stores this week. Our marketing plans for October include a new fall catalog mailing to 12 million customers, as well as other direct mail pieces to support promotional activities beginning next week. In addition, new television commercials also start airing next week, national magazine ads continue throughout the holiday season, and we have strong internet and email presence planned throughout the remainder of the year." Pier 1 Imports, Inc. is North America's largest specialty retailer of imported decorative home furnishings and gifts with Pier 1 ImportsĀ® stores in 49 states, Puerto Rico, Canada, and Mexico and Pier 1 kidsĀ® stores in the United States. Information about the Company is available on www.pier1.com.