CBS 11 Header TXA 21 Header MeTV Header KRLD Header The Fan Header
One Year Anniversary West Fertilizer Blast: | Complete West Explosion Coverage

Local

Pier 1 Imports Sees Q1 Profit Nearly Double

View Comments

Get Breaking News First

Receive News, Politics, and Entertainment Headlines Each Morning.
Sign Up

From Our CBS Music Web Sites

kluvs super 70s weekend voting 1979 dl Pier 1 Imports Sees Q1 Profit Nearly DoublePick The Best Song From 1979

115245513 8 Pier 1 Imports Sees Q1 Profit Nearly DoubleCrush Of The Day: Mila Kunis

80219448 Pier 1 Imports Sees Q1 Profit Nearly DoubleViral Video: Hilarious Southwest Safety Announcement

155742164 Pier 1 Imports Sees Q1 Profit Nearly DoublePick Your Favorite Victoria Secret Model

Featured Items

Fantasy_tileHottest Olympians

pet_tileYour Pet Photos

weather_tileSend Us Your Weather Photos

FORT WORTH (AP) - Pier 1 Imports Inc.’s fiscal first-quarter profit nearly doubled as it continued to see strong merchandise margins, better sales and clamp down on costs.

The home dDecor company said Thursday that its net income rose to $14.1 million, or 12 cents per share, in the three months ended May 28 from $7.7 million, or 7 cents per share, a year earlier.

This surpassed the 11 cents per share that analysts surveyed by FactSet predicted.

Revenue rose 9 percent to $334.6 million from $306.3 million on improved traffic, a higher average receipt and more sales being made.

Revenue at stores open at least a year increased 10.2 percent. This metric is a key gauge of a retailer’s health because it excludes results from stores recently opened or closed.

Merchandise margins were 59.8 percent of sales compared with 58.6 percent of sales in the prior-year period.

Pier 1 is based in Fort Worth, Texas.

Its shares rose 7 cents to $11.25 in pre-market trading.

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 This material may not be published, broadcast, rewritten or redistributed.)

View Comments