Pier 1 4Q revenue tops Wall Street's view

Pier 1 Imports 4th-quarter revenue beats Wall Street's expectations

Associated Press

FORT WORTH, Texas (AP) -- Pier 1 Imports Inc. reported fiscal fourth-quarter revenue on Thursday that beat Wall Street's expectations, while revenue at stores open at least a year rose 10.3 percent.

Revenue at stores open at least a year is a key indicator of a retailer's health because it excludes results from stores recently opened or closed.

Pier 1 Imports said that total revenue for the quarter ended Feb. 25 increased 11.8 percent to $477 million.

Analysts surveyed by FactSet predicted $469.3 million.

The home décor company anticipates quarterly earnings of 47cents to 48 cents per share, before an expected tax benefit.

Wall Street analysts expect earnings of 47 cents per share.

Pier 1 said total revenue for the fiscal year ended Feb. 25 climbed 9.8 percent to $1.53 billion. Revenue at stores open at least a year rose 9.5 percent.

The Fort Worth, Texas company is upbeat about its first-quarter prospects.

"Our spring, outdoor and Easter product assortments are pacing ahead of last year and we feel very confident this momentum will carry into the first quarter as we start our new fiscal year," President and CEO Alex Smith said in a statement.

Pier 1 will report its fourth-quarter and full-year financial results on April 5.

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