Pier 1 Imports 4Q revenue tops analysts' estimates

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Associated Press

Posted on March 7, 2013 at 8:00 AM

Updated Thursday, Mar 7 at 10:32 AM

FORT WORTH, Texas (AP) — Pier 1 Imports' fiscal fourth-quarter revenue topped Wall Street's view but the home decor company provided a forecast for adjusted earnings that was slightly below analysts' estimates.

Pier 1 Imports Inc. said Thursday that its revenue climbed 16 percent to $552 million for the period ended March 2. Analysts polled by FactSet expected revenue of $547 million.

Fourth-quarter adjusted earnings are predicted in a range of approximately 59 cents to 60 cents per share. Wall Street expects 61 cents per share.

Revenue at stores open at least a year, a key gauge of a retailer's health, climbed 7.9 percent in the quarter. This figure excludes results from stores recently opened or closed.

The Fort Worth, Texas-based chain said that the performance was helped by more traffic and an increase in the average customer receipt.

For the fiscal year, revenue rose 11 percent to $1.71 billion. Revenue at stores open at least a year increased 7.5 percent.

Pier 1 will report its final financial results for the fourth quarter and full year on April 11.

Pier 1 shares finished at $23.24 per share on Wednesday.

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