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