Pier 1 Imports Sees Key Revenue Metric Jump In Q1

FORT WORTH (AP) – Pier 1 Imports Inc. said Thursday that revenue at stores open at least a year rose 10.2 percent in the first quarter, helped by better traffic, more purchases being made and a higher average receipt. The home decor retailer also gave a first-quarter earnings forecast above Wall Street’s expectations.

Pier 1 said it had a 14.3 percent increase in revenue at stores open at least a year in the year-ago period.

Revenue at stores open at least a year is a key gauge of a retailer’s health because it excludes results from stores opened or closed during the year.

Total revenue for the period ended May 28 climbed 10 percent to $335 million from $306 million.

Pier 1 also said it expects first-quarter earnings between 11 cents and 12 cents per share. Analysts surveyed by FactSet predict earnings of 9 cents per share.

Pier 1, based in Fort Worth, Texas, will report its first-quarter financial results on June 16.

(© Copyright 2011 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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