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Pier 1 Imports Inc

Pier 1 says Q3 total sales up 8.2%

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Pier 1 Imports (NYSE:PIR) posted third-quarter sales that beat analyst expectations, moving the retailer of imported furniture and home goods to increase its earnings forecast for the quarter.

For the quarter ended November 26, total sales grew 8.2 percent to $383 million, beating the $379 million expected by analysts according to Thomson Reuters.

Same-store sales grew 7 percent, reflecting increases in traffic and average selling prices. The company said same-store sales during Thanksgiving weekend grew 10 percent from a year earlier.

Pier 1's president and CEO Alex Smith said: "We are very pleased with our third quarter. Our strong assortments and the right balance between regular and promotional pricing drove strong sales and merchandise margin growth."

Due to strong sales and merchandise margin growth, the company said it now expects earnings of 20 cents to 21 cents per share for the third quarter, up from the 18 cent estimate predicted earlier this month.

The company continues to benefit from a restructuring that brought it back from the brink of bankruptcy during the recession. A three-year growth plan unveiled earlier this year involves an outlay of $200 million to build new stores, renovate current locations and boost Internet sales.

Pier 1 will report its full quarterly financial results on December 15.

Quick facts: Pier 1 Imports Inc

Price: $7.91

Market: NYSE
Market Cap: $33.68 m
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