Pier 1 Imports Q2 profit surges; raises forecast again
Fort Worth, Texas -- Pier 1 Imports reported Thursday that net income for the quarter ended Aug. 27 surged to $26.2 million from $16.6 million last year, prompting the home goods retailer to raise its full-year adjusted profit forecast for the second time in three months.
Total sales increased 8.3% to $367.6 million from $339.6 million in the year-ago period, edging Wall Street’s expected $367.2 million in revenue. Same-store sales rose 6.7% on top of last year’s 10.8% gain.
Pier 1 has been investing in-store revampments and has put a big focus on its e-commerce business.