Pier 1 Imports, Inc. (PIR), a specialty retailer of decorative home furnishings and gifts, reported a significant drop in fourth-quarter net income to $61.7 million, or $0.58 per share, from $115.2 million, or $1.04 per share, last year.
On a non-GAAP basis, net income, utilizing a 35.6% annual effective tax rate for fiscal 2013, amounted to $64.2 million, or $0.60 per share for the latest period. On average, 13 analysts polled by Thomson Reuters expected earnings per share of $0.60 for the quarter. Analysts' estimates typically exclude one-time items.
Quarterly total sales were $551.63 million, up 15.7% from $476.8 million in the 13-week fourth quarter of last year. Analysts estimated revenues of $551.44 million for the quarter. Comparable-store sales, on a 13-week basis, rose by 7.9% versus a 10.3% increase a year earlier. The company attributed strong comparable-store sales results to growth in store traffic and higher average ticket.
Going forward, on a comparable 52-week basis, the company sees earnings per share in the range of $1.26 - $1.31, and comparable-store sales growth in the mid single-digit range for fiscal 2014.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.