Pier 1 Q3 profit plummets 46%, still beats Street

Fort Worth, Texas -- Pier 1 Imports reported Thursday that profit for the quarter ended Nov. 27 dropped 45.9% to $21 million, compared with $38.8 million a year earlier.

The decrease was due mostly to a $55.9 million income tax benefit a year ago, but the results still beat Wall Street expectations.

Revenue rose 8.2% to $353.8 million from $327.1 million, surpassing Wall Street's estimate of $352.8 million. The improvements were the result of increases in store traffic, conversion rate and average ticket.

Same-store sales increased 10.2%.