Pier 1 Profit Edges Up; December Traffic Slow
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Pier 1 Imports Inc. reported modest earnings and sales growth for its latest quarter, in line with expectations, but warned that customer traffic this month had been weak.
The Fort Worth-based company said it earned $32.2 million, or 35 cents a share, in its fiscal third quarter, up from $31.1 million, or 33 cents, a year earlier. Sales rose 10% to $482.4 million.
The furniture and accessories chain said it expected same-store sales, or sales at stores open at least a year, to decline 4% to 8% in December.
Shares of Pier 1 fell $1.79, or 8%, to $20.72 on the NYSE.
From Dow Jones/Associated Press
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