Reuters

(Reuters)

Pier 1 Imports 2Q Sales Beat Street, Margins Improve

By Features FOXBusiness

Pier 1 Imports (PIR) reported on Thursday second-quarter sales that trumped Wall Street expectations as demand climbed at its more established stores.

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The retailer of decorative home furnishings said sales were up 10% to $340 million, with comparable sales-- those at stores open more than a year--up 10.8%. The results are ahead of the $334.3 million analysts polled by Thomson Reuters were estimating. 

The company said it expects merchandise margins to be around 59.3%, which is slightly better than last years 58.3%. It anticipates earnings of 14 cents a share, which is above the Streets view of 13 cents.

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