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Pier 1 earnings up 14.1% as sales grow 9.3% in quarter

FORT WORTH, Texas — Pier 1 Imports reported sales growth of 9.3% in its first quarter ended June 1, with net income rising 14.1% to $20.3 million, or 19 cents per share.

Sales in the quarter came to $394.9 million, and same-store sales increased 5.9%, the Fort Worth-based retailer said.

"Our results for the period, our 15th consecutive quarter of significant sales and profit growth, reflect a solid quarter of execution," said Alex Smith, president and CEO. "The continued improvement of our gross profit speaks to the success of our merchandising strategies, both in-store and online, and reflects strong full-price selling during the period.

"We're pleased with the ongoing progress we are making towards building out our multi-channel functionality and executing our ‘1 Pier 1' vision," Smith added. "The rollout of our new point-of-sale system is on track for completion later this summer; we will then begin the integration of our stores and e-commerce businesses, laying the foundation to provide a seamless and significantly enhanced shopping experience for our customers."

The company said that for the full fiscal year, it expects earnings per share in the range of $1.27 to $1.32, representing year-over-year growth in the range of 9% to 13%. That's up from previous guidance of $1.26 to $1.31.

Same-store sales growth is expected to be in the mid-single-digit range.

With store openings and closings, Pier 1 says it expects a net gain of 16 stores this fiscal year.

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