UPDATE: Pier 1 Posts 13% Rise In Q3 Profit, Lowers Earnings Outlook

Pier 1 Imports

reported a 13% rise in its fiscal third-quarter profit. Pier 1 lowered its full-year earnings forecast to $1.21 to $1.27 per share, versus its earlier outlook of $1.23 to $1.29 per share. Pier 1's quarterly profit surged to $26.8 million, or $0.26 per share, from $23.7 million, or $0.22 per share, in the year-ago period. Excluding special items, it earned $0.25 per share. Its total sales climbed 9.6% to $465.5 million, while same-store sales rose 6.9%. However, analysts were estimating a profit of $0.27 per share on revenue of $462 million. Pier 1 shares closed at $20.73 yesterday.