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

Before you go, we thought you'd like these...
Before you go close icon
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.
Read Full Story

Markets

S&P 500 2,271.31 7.62 0.34%
DJIA 19,827.25 94.85 0.48%
NASDAQ 5,555.33 15.25 0.28%
DAX 11,630.13 33.24 0.29%
HANG SENG 22,885.91 -164.05 -0.71%
NIKKEI 225 19,137.91 65.66 0.34%
USD (per EUR) 1.07 0.00 0.10%
USD (per CHF) 1.00 0.00 0.01%
JPY (per USD) 114.53 0.01 0.01%
GBP (per USD) 1.24 0.00 0.01%

From Our Partners