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Pier 1 Imports: Q1 Profits, Outlook Up

The home furnishing retailer sees same-store sales growth


Home furnishings retailer Pier 1 Imports (NYSE:PIR) said it earned $17.8 million during its fiscal first quarter, up 26% from $14 million during the same time last year. EPS was 16 cents, compared to 12 cents last year.

That matched the expectations of analysts, RTT News noted.

Retail Same-Store Sales Mostly Strong in May
Retail Same-Store Sales Mostly Strong in May

The company announced that first-quarter sales rose 8% to $361.12 million, which also topped analysts who anticipated $360.07 million.

Investors took the results in stride. Pier 1 shares rose just over 1% in Thursday afternoon trading.

Same store sales grew 7.2%, the company said. Over three years, same-store sales have risen 31.7%, cumulatively.

During the quarter, gross and operating margins rose to 41.6% and 7.6%, respectively.

Pier 1 Imports said that it expects EPS of between $1.08 and $1.14 for fiscal 2013. Wall Street is looking for EPS of $1.13 for the fiscal year.

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