Biz Brief: Pier 1 Imports Earnings Top Estimates; Same-Store Sales Rise 14%

Pier 1 Imports (PIR) announced that its first-quarter net income dropped to $7.7 million, or 7 cents a share, from $29.3 million, or 32 cents a share, in the year-ago period. But last year's quarterly results were boosted by a $47.8 million gain on the repurchase of debt and a $10 million gain from litigation recovery. Results handily beat analysts' estimates that called for a loss of 2 cents a share.

Sales rose to $306.3 million, an increase of 8.9% from $281.1 million last year, mostly due an increase in store traffic, conversion rates and average ticket prices. The consensus estimate was for $306.13 million.

In the all-important measurement of same-store sale -- sales at stores open at least one year -- Pier 1 reported sales grew 14.3% in the quarter. Last year, same-store sales declined 7.5%.

Pier 1 was also "delighted" to report that after six years, it returned to profitability, achieving first-quarter operating income.

Pier 1 shares jumped over 5% in recent pre-market trading.