Pier 1 Imports To Buy Back Up To $100 Million In Shares

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 This material may not be published, broadcast, rewritten or redistributed.)

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