Pier 1 profit beats analysts' estimates

By @ibtimes on

Pier 1 Imports Inc's quarterly profit beat analysts' estimates as the home goods chain's targeted marketing, merchandising changes and decision to stock more seasonal goods paid off.

This was the fifth consecutive quarterly profit for the Fort Worth, Texas-based retailer after years of losses during the housing downturn and the recession.

The company, whose wares range from wicker chairs to wine glasses, said its net income fell to $21 million, or 18 cents a share, in the third quarter ended on November 27 from $38.8 million, or 37 cents a share, a year earlier.

Analysts on average were expecting a profit of 14 cents a share, according to Thomson Reuters I/B/E/S.

Pier 1, which saw increases in store traffic and average ticket, said sales rose about 8.2 percent to $353.8 million, above Wall Street's average estimate of $352.8 million. Sales at stores open at least a year rose 10.2 percent.

(Reporting by Dhanya Skariachan; Editing by Lisa Von Ahn)

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