Pier 1 Imports Tops Q4 Revenue Estimates
FORT WORTH (AP) - Pier 1 Imports' fiscal fourth-quarter revenue topped Wall Street's view but the home decor company provided a forecast for adjusted earnings that was slightly below analysts' estimates.
Pier 1 Imports Inc. said Thursday that its revenue climbed 16 percent to $552 million for the period ended March 2. Analysts polled by FactSet expected revenue of $547 million.
Fourth-quarter adjusted earnings are predicted in a range of approximately 59 cents to 60 cents per share. Wall Street expects 61 cents per share.
Revenue at stores open at least a year, a key gauge of a retailer's health, climbed 7.9 percent in the quarter. This figure excludes results from stores recently opened or closed.
The Fort Worth, Texas-based chain said that the performance was helped by more traffic and an increase in the average customer receipt.
For the fiscal year, revenue rose 11 percent to $1.71 billion. Revenue at stores open at least a year increased 7.5 percent.
Pier 1 will report its final financial results for the fourth quarter and full year on April 11.
Pier 1 shares finished at $23.24 per share on Wednesday.
(© Copyright 2013 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)
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