Pier 1 2Q Profits Rise, Lifts Fiscal 2013 Forecast

Revenue increased 8 percent to $367.6 million from $339.6 million

Thursday, Sep 13, 2012  |  Updated 8:04 AM CDT
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Pier 1 2Q Profits Rise, Lifts Fiscal 2013 Forecast

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More people shopped at Pier 1 Imports and they spent more on average, driving the home decor company's fiscal second-quarter net income 58 percent higher.

The Fort Worth-based company on Thursday raised its fiscal 2013 adjusted earnings forecast for a second time.

For the three months ended Aug. 25, the company reported net income rose to $26.2 million, or 24 cents per share, up from $16.6 million, or 14 cents per share, a year earlier.

Stripping out a reversal of accrued interest, earnings were 19 cents per share.

Revenue increased 8 percent to $367.6 million from $339.6 million.

Pier 1 Imports now foresees fiscal 2013 adjusted earnings in a range of $1.10 to $1.16 per share. In June it upped the outlook to $1.08 to $1.14 per share.

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