Pier 1 Imports 1Q Profit Up on Full-Priced Selling

Thursday, Jun 20, 2013  |  Updated 11:45 AM CDT
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Pier 1 Imports 1Q Profit Up on Full-Priced Selling

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First-quarter net income for Pier 1 Imports Inc. has risen 14 percent -- buoyed by strong full-priced selling of home decor items.

The Fort Worth-based chain's earnings and revenue results matched Wall Street's expectations.

For the period that ended June 1, Pier 1 earned $20.3 million, or 19 cents per share. A year earlier it earned $17.8 million, or 16 cents per share. Analysts polled by FactSet expected earnings of 19 cents per share.

Revenue increased 9 percent to $394.9 million from $361.1 million.

Pier 1 also said Thursday that performance was bolstered by better in-store traffic and an increase in the average amount shoppers paid when they checked out.

Pier 1 will hold its annual shareholders meeting July 2.

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