Pier 1 1Q Profit Nearly Doubles

Thursday, Jun 16, 2011  |  Updated 10:08 AM CDT
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Pier 1 1Q Profit Nearly Doubles

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Pier 1 Imports Inc.'s fiscal first-quarter profit nearly doubled as it continued to see strong merchandise margins, better sales and clamp down on costs.

The home décor company said Thursday that its net income rose to $14.1 million, or 12 cents per share, in the three months ended May 28 from $7.7 million, or 7 cents per share, a year earlier.

This surpassed the 11 cents per share that analysts surveyed by FactSet predicted.

Revenue rose 9 percent to $334.6 million from $306.3 million on improved traffic, a higher average receipt and more sales being made.

Revenue at stores open at least a year increased 10.2 percent. This metric is a key gauge of a retailer's health because it excludes results from stores recently opened or closed.

Merchandise margins were 59.8 percent of sales compared with 58.6 percent of sales in the prior-year period.

Pier 1 is based in Fort Worth, Texas.

Its shares rose 7 cents to $11.25 in pre-market trading.

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