UPDATE: Pier 1 Posts Drop In Q4 Profit

Pier 1 Imports

reported a drop in its fiscal fourth-quarter profit. Pier 1's same-store sales slipped 4.6% in the 13-week period ended March 1. For the new fiscal year, Pier 1 projects earnings of $1.16 to $1.24 per share, versus analysts' estimates of $1.23 per share. Pier 1's quarterly profit fell to $42.6 million, or $0.41 per share, versus a year-ago profit of $61.7 million, or $0.58 per share. Its net sales declined 6.5% to $515.8 million. Pier 1 in February projected earnings of $0.40 to $0.41 per share on sales of $512 million to $514 million. Pier 1 shares closed at $18.22 yesterday.