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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