Home retailer Pier 1 Imports (NYSE:PIR) was listing down Thursday morning after reporting on-par second-quarter earnings and upgrading its 2013 earnings forecast for the second time in a year.
PIR’s earnings of $26.23 million (24 cents per share) grew 56% over the year-ago period, with adjusted earnings of 19 cents per share coming in right at Thomson Reuters analyst expectations.
Revenues jumped 8.3% to $367.62 million on same-store sales growth of 6.7%.
For fiscal year 2013, which will include an extra week of operating results, Pier 1 lifted earnings guidance from a range of $1.08 to $1.14 per share to a range of $1.10 to $1.16 per share; GAAP earnings are expected to reach $1.15 to $1.21 per share. The Street expects earnings of $1.16 per share.
PIR was down just less than 1% in mid-morning trading.