UPDATE: Pier 1 Posts 58% Surge In FQ2 Net Profit, Lifts Full-Year Forecast
Pier 1 Imports (NYSE: PIR) 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.
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