UPDATE: Pier 1 Posts 14% Rise In Q1 Earnings, Raises Full-Year Outlook
Pier 1 Imports (NYSE: PIR) reported a 14% rise in its fiscal first-quarter earnings and lifted its forecast for the year.
Pier 1 now projects full-year earnings of $1.27 to $1.32 per share, from its earlier forecast of $1.26 to $1.31 per share.
Pier 1's quarterly profit surged to $20.3 million, or $0.19 per share, from $17.8 million, or $0.16 per share, in the year-ago period.
Its sales climbed 9.3% to $394.9 million. However, analysts were estimating a profit of $0.19 per share on revenue of $395 million.
Its same-store sales increased 5.9%, while gross margin widened to 42.4% from 41.6%.
Pier 1 shares gained 0.04% to $24.00 in pre-market trading.
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