The development of the e-commerce and the fast update of the product have an incentive to widespread attempts at multi-channel with multi-period sales. Prior studies have been mainly focused on revenue management issue in a multi-period traditional channel or a single-period multi-channel. This paper extends these studies by exploring the issue in a multi-period multi-channel context. We propose a two-period dual-channel supply channel model, where the manufacturer sells its product in each period through its direct channel and an independent retail channel. Both channels implement preannounced pricing. The results show that the selling prices of both channels in the first period is higher than those in the second period, and the price rate of change in the retail channel is higher than that in the direct channel. It implies that the manufacturer adopts a deeper discount in the direct channel than the retailer does in the retail channel. The numerical analysis reveals that the impact of channel substitutability on the price rate of change in the retail channel is more significant than the direct channel. In addition, the channel substitutability is harmful for the retailer and the manufacturer.