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Pier 1 Stalls Despite Upbeat Earnings Report

Profits on par, but fiscal guidance is hiked again


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.

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