FORT WORTH (AP) - Pier 1 Imports Inc. plans to buy back up to $100 million of its common stock.
The home décor company said it had about 109.6 million outstanding shares as of Friday. At current prices, $100 million would buy roughly 8 percent of the company’s shares.
Last month Pier 1 reported that its fiscal second-quarter net income rose 15 percent because the retailer drew more shoppers who spent more.
While economic conditions are uncertain, the home decor company said Thursday that it expects a successful fall and holiday season.
Pier 1 is based in Fort Worth, Texas.
(© Copyright 2011 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)