UPDATE: Pier 1 Posts 58% Surge In FQ2 Net Profit, Lifts Full-Year Forecast

Pier 1 Imports

reported a 58% rise in its fiscal second-quarter earnings and lifted its full-year earnings forecast. Pier 1 lifted its earnings forecast to $1.10 to $1.16 per share, versus its earlier forecast of $1.08 to $1.14 per share. Pier 1's quarterly profit surged to $26.2 million, or $0.24 per share, from $16.6 million, or $0.14 per share, in the year-ago period. Excluding one time items, Pier 1 earned $0.19 per share. Its revenue rose 8.3% to $368 million. Its same-store sales climbed 6.7%. Pier 1's gross margin rose to 41.2% from 39.6%. Pier 1 shares gained 1.28% to $19.80 in after-hours trading.