Pier 1's 4Q Profit Doubles

Company reports income of $115.2 million

Thursday, Apr 5, 2012  |  Updated 9:22 AM CDT
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Pier 1's 4Q Profit Doubles

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Pier 1 Imports Inc.'s fiscal fourth-quarter profit has more than doubled.

The company on Thursday also announced it will launch its Pier 1 To-You web site, which allows customers to shop online, in late July. The retailer expects online sales will contribute at least 10 percent of total revenue by fiscal 2016.

Pier 1 reported net income of $115.2 million, or $1.04 per share, for the three months ended Feb. 25. That's up sharply from $57.1 million, or 48 cents per share, a year earlier.

CEO Alex Smith says Pier 1 is boosting some of its three-year goals. The retailer now anticipates recording sales of $225 per retail square foot, up from $200 per retail square foot, by fiscal 2015.

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