Pier 1 Imports 2Q Sales Beat Street, Margins Improve

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

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.