UPDATE: Pier 1 Posts 3% Rise In Q3 Profit, Lifts Full-Year Forecast

Pier 1 Imports

reported a 3% rise in its fiscal third-quarter earnings and lifted its full-year earnings forecast. Pier 1 now projects full-year earnings of $1.17 to $1.21 per share, versus its earlier forecast of $1.10 to $1.16 per share. For the current quarter, it projects earnings of $0.57 to $0.61 per share. Pier 1 also lifted its quarterly dividend by 25% to $0.05 per share. Pier 1's quarterly profit surged to $23.7 million, or $0.22 per share, from $23 million, or $0.21 per share, in the year-ago period. Excluding one-time items, Pier 1 earned $0.25 per share. Its sales climbed 11% to $424.5 million, while same-store sales surged 7.9%. Pier 1's gross margin rose to 43.9% from 43.2%. Pier 1 shares closed at $19.08 yesterday.