Home furnishings retailer Pier 1 Imports Inc.'s (PIR: Quote) fourth-quarter net income more than doubled to $115.21 million, or $1.04 per share from $57.07 million, or $0.48 per share last year. Recent quarter's earnings results included the tax benefit resulting from the change in the company's valuation allowance.
Excluding the non-recurring tax benefits primarily resulting from the change in the company's valuation allowance, earnings per share were $0.48 for the fourth quarter, Pier 1 Imports added. On average, 11 analysts polled by Thomson Reuters expected earnings per share of $0.48 for the quarter. Analysts' estimates typically exclude one-time items.
Net sales amounted to $476.76 million compared with $426.58 million in the earlier year quarter, while 10 analysts estimated revenues of $472.09 million for the quarter. Comparable-store sales went up 10.3% during the fourth quarter compared with the prior year's increase of 8.9% for the same period. The sales increase for the quarter was chiefly the result of increases in store traffic and average ticket.
For fiscal 2013, the company sees earnings per share in the range of $1.06 - $1.12, and projects comparable store sales growth in the mid single-digit range. Twelve analysts anticipate earnings of $1.12 per share for the full year. The company's fiscal year 2013 would include 53 weeks of operating results.
Separately, Pier 1 Imports's board declared a $0.04 per share quarterly cash dividend on its outstanding common shares, payable on May 2, 2012 to shareholders of record on April 18, 2012.
In a separate press release, Pier 1 Imports unveiled a new three-year growth plan beginning in fiscal 2013, as well as updated financial goals.
The new board-approved plan includes building a e-Commerce platform; enhancing the store portfolio through refurbishments, remodels, new openings and strategic relocations; strengthening the company's infrastructure; investing $200 million in capital over the next 3 years as well as returning value to shareholders via share buybacks and quarterly cash dividends.
by RTT Staff Writer
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