Pier 1 Imports Shares Rise As Sales Pick Up In June

Pier 1 Imports Inc. shares rose 3.3% in after-hours trading on Wednesday after the company's first-quarter profit met Wall Street expectations and it said comparable sales so far in the second-quarter are trending above May results. First-quarter profit in the period ended May 30 fell to $6.87 million, or 8 cents a share, from $15.1 million, or 16 cents a share, a year earlier. The most recent quarter's results matched FactSet consensus. Sales rose 3.1% to $432 million, slightly shy of FactSet consensus of $433.5 million. Comparable sales rose 2%, also missing Wall Street expectations. However, Pier 1 said that improved to a 4% growth in May. June sales so far are above May results. The company kept its full-year per-share profit outlook of 83 cents to 87 cents a share. It expects second-quarter profit of 7 cents to 8 cents a share, including a comparable sales gain of 4% to 5%. Analysts surveyed by FactSet expect the company to earn 8 cents a share in the second quarter and 84 cents for the year. Related: Pier 1 vowed it wouldn't join the 'dump camp,' and then it did.