Pier 1 Accessorizes With Surprise First-Quarter Profit

Home furnishings retailer Pier 1 Imports delivered colorful results Thursday for its first quarter, beating analyst expectations.

Pier 1 Imports ( PIR - news - people ) earned $7.7 million, or 7 cents per share, in the quarter ended May 29, down from $29.3 million or 32 cents per share for the comparable quarter a year ago. Analysts anticipated a loss of 2 cents per share.

Yahoo! BuzzThe share decline looks disappointing at first, but in the year-earlier quarter Pier 1 booked a $47.8 million gain on the repurchase of debt and a $10 million litigation recovery. A far more encouraging sign was a boost in store traffic that lifted sales 8.9% to $306.3 million in the most recent quarter, from $281.1 milion the year before.

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- Posted: 2010-06-17 10:41:05

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