In its second-largest acquisition, Amazon buys the company for $970 million.
For the first quarter of the 2006 fiscal year which ended in May, Pier 1 recorded web sales of $2.6 million compared to e-commerce sales of $2.3 million for the same quarter in 2004, an increase of 13%.
Pier 1 Imports Inc. won’t be publicly releasing its second quarter web sales for several more weeks. But the retailer’s most recent financial filings reveal that its e-commerce business is growing at about the same pace.
For the first quarter of the 2006 fiscal year which ended in May, Pier 1, No. 299 in the Internet Retailer Top 400 Guide to Retail Web Sites, recorded web sales of $2.6 million compared to e-commerce sales of $2.3 million for the same quarter in 2004, an increase of 13%.
In comparison, Pier 1 achieved total web sales of $9.8 million for 2005, up 14% from sales of $8.6 million for 2004.
To drive web sales in 2005 and 2006, Pier 1 is counting on a number of new initiatives. For instance, Pier 1 plans to distribute approximately 2 million catalogs to all of its U.S. markets during the fall and by November will have an interactive version posted on Pier1.com.
In fiscal 2005, the site received an average of 3.1 million visitors per month. On its web site, Pier 1 customers can shop for over 2,300 products, purchase gift cards, create and manage bridal and gift registries, view interactive versions of newspaper ad inserts, watch the most recent TV commercials and sign up for promotional e-mail and direct mail. “Pier 1’s Internet strategy in fiscal 2006 will continue to focus on cross-channel integration and effective utilization of the web site as a marketing vehicle to reach new and existing customers,” the company says in its recently filed annual report with the Securities and Exchange Commission.