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Pier 1 Imports raises profit forecast again
September 13, 2012 / 10:50 AM / 5 years ago

Pier 1 Imports raises profit forecast again

Sept 13 (Reuters) - Home goods retailer Pier 1 Imports Inc raised its full-year adjusted profit forecast for the second time in three months as the company’s steps to boost margins bear fruit.

The specialty retailer, which imports and sells home furnishings and gifts at 1058 namesake stores, has been investing to revamp stores and expand its e-commerce business. It has also been shuffling products to spur full-price sales.

Pier 1 Imports, said it expects fiscal 2013 adjusted earnings of between $1.10 and $1.16 per share, up from its prior forecast of between $1.08 and $1.14 per share.

Analysts on average were looking for a profit of $1.16 per share, according to Thomson Reuters I/B/E/S.

Second-quarter profit rose to $26.2 million, or 24 cents per share, from $16.6 million, or 14 cents per share, a year earlier.

Excluding items, it earned 19 cents per share, in line with analysts’ estimates.

Quarterly sales, which were pre-announced, rose 8 percent to $367.6 million, while analysts’ expected $367.2 million.

Shares of the company, which has a market value of about $2.1 billion, closed at $19.55 on the New York Stock Exchange on Wednesday.

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