Pier 1 Says Sales Up 10 Percent in 1Q

Thursday, Jun 2, 2011  |  Updated 9:04 AM CDT
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Pier 1 Says Sales Up 10 Percent in 1Q

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Pier 1 Imports Inc. said Thursday that revenue at stores open at least a year rose 10.2 percent in the first quarter, helped by better traffic, more purchases being made and a higher average receipt.

The home décor retailer also gave a first-quarter earnings forecast above Wall Street's expectations.

Pier 1 said it had a 14.3 percent increase in revenue at stores open at least a year in the year-ago period.

Revenue at stores open at least a year is a key gauge of a retailer's health because it excludes results from stores opened or closed during the year.

Total revenue for the period ended May 28 climbed 10 percent to $335 million from $306 million.

Pier 1 also said it expects first-quarter earnings between 11 cents and 12 cents per share. Analysts surveyed by FactSet predict earnings of 9 cents per share.

Pier 1, based in Fort Worth, Texas, will report its first-quarter financial results on June 16.

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