Pier 1 Imports Rally As Preliminary Earnings Beat Estimates

Shares of Pier 1 Imports Inc. rose in Monday's extended session after the retailer released preliminary earnings for the quarter ended Feb. 25. Pier 1 said it expects fourth-quarter earnings per share of 31 cents to 33 cents and adjusted EPS of 32 cents to 34 cents. Analysts surveyed by FactSet are projecting an average adjusted EPS of 31 cents a share. It also sees revenue falling 2.6% from a year earlier while same-store sales are likely to edge up 0.2%. Pier 1 is scheduled to officially announce its fourth-quarter earnings on April 12. Pier 1 shares gained 7.2% after hours.