Pier 1 Imports Enjoys 58% Rise in 2Q Net, Hikes Full-Year View
Specialty retailer Pier 1 Imports (NYSE:PIR) met Wall Street’s expectations on Thursday with a 58% leap in second-quarter sales thanks to a 6.7% jump in same-store sales.
The seller of home furnishings and gifts also hiked its full-year profit targets once again, allowing its shares to extend their impressive 2012 run.
Fort Worth, Texas-based Pier 1 Imports said it earned $26.2 million, or 24 cents a share, last quarter, compared with a profit of $16.6 million, or 14 cents a share, a year earlier. Excluding one-time items, it earned 19 cents a share, matching estimates from analysts.
Revenue grew 8.3% to $368 million, also matching the Street’s view. Same-store sales increased 6.7%, down from 10.8% the year before, and gross margins ticked up to 41.2% from 39.6%.
“Our sound strategies and focus on flawless execution ideally position the Company to achieve continued growth and long-term success,” CEO Alex Smith said in a statement.
Pier 1 Imports also boosted its full-year non-GAAP EPS view to $1.10 to $1.16, up from $1.08 to $1.14 previously. Analysts had been calling for full-year EPS of $1.16.
Management said same-store sales are expected to rise in the mid-single digit range.
Shares of Pier 1 rose 1.59% to $19.86 in premarket trading, putting them on pace to build on their 2012 rally of about 40%.