Pier 1 reports improvements in Q1

Fort Worth, Texas Pier 1 Imports reported on Thursday that revenue and same-store sales rose in the first quarter, giving a boost to its first-quarter net income.

Net income dropped nearly 74% compared with last year, but the year-ago period received significant gains from one-time events.

"We experienced strong performance in all merchandise divisions and all areas of the country," said Alex W. Smith, president and CEO. "Our confidence level is high and we know how to keep the momentum going."

Pier 1 reported a profit of $7.7 million in the three month period ending May 29. That compared with net income of $29.3 million a year ago. Last year's first quarter included a $47.8 million gain on the repurchase of debt and $10 million from litigation.

Revenue rose 9% to $306.3 million, while same-store sales rose 14.3% in the quarter, compared with a drop of 7.5% last year.

Smith said traffic and the average amount spent by customers all increased during the quarter, and all merchandise divisions saw gains across the country.