Pier 1 Revenue Jumps in 4Q

Thursday, Mar 3, 2011  |  Updated 9:00 AM CDT
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Pier 1 Revenue Jumps in 4Q

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Pier 1 Imports Inc.'s revenue at stores open at least a year rose 8.9 percent in the fourth quarter, helped in part by more customers. The retailer also offered earnings guidance for the quarter that was slightly above what Wall Street expects.

Revenue at stores open at least a year is a key gauge of a retailer's health because it excludes stores that have been opened or closed over the past year.

Total revenue for the quarter rose 8 percent to $427 million from $396 million. The company expects to report earnings between 47 cents and 48 cents per share.

Analysts polled by FactSet expect lower earnings of 46 cents per share on total revenue of $427 million.

For the full year, which ended Feb. 26, the company said revenue at stores open at least a year rose 10.9 percent while total revenue rose to $1.4 billion from just under $1.3 billion.

"Fiscal 2011 has been an outstanding year for Pier 1 Imports and we are delighted to end the year with a bumper fourth quarter - our most successful in seven years, said President and CEO Alex W. Smith, in a statement.

Pier 1 expects to announce full financial results on April 7.

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