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Pier 1 Imports Rallies 14% As Q2 Earnings Guidance Exceed Analyst Estimates

Pier 1 Imports Rallies 14% As Q2 Earnings Guidance Exceed Analyst Estimates

Pier 1 Imports (NYSE:PIR), a retailer of decorative home furnishings, announced that second quarter sales increased 8% year-over year to US$310 million, in line with analyst estimates, on strong merchandise margins and more store traffic. 


Merchandise margins are expected to be approximately 58% of sales. 


Comparable store sales for the second quarter improved significantly, increasing 11.2% compared to a decline of 7.6% for the same period a year ago.


 For the first half of the year, total sales increased 8% year-over-year to $616 million.  Comparable store sales for the same period increased 12.7%. 


In a previous announcement, the company said that it will release second quarter earnings on Thursday, September 16.  Second quarter earnings are expected to be in the range of $0.10 to $0.20 per share, exceeding analyst estimates of 8 cents per share.


The company’s share price rallied 14% to trade at $7.48 as of 1:43 pm ET.


 Pier 1 Imports sell a variety of furniture, dining and kitchen goods, bath and bedding accessories, and other specialty items for the home. At the end of February, there were 973 Pier 1 Imports stores in the United States and 81 Pier 1 Imports stores in Canada. The company also sells its merchandise through Grupo Sanborns, a large Mexico-based retailer, and Sears Puerto Rico.

View full PIR profile View Profile

Pier 1 Imports Timeline

Newswire
September 13 2012

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