Pier 1 (PIR) Q1 Sales Just About In-Line; Comps Increased 7.2%

Pier 1 Imports, Inc. (NYSE: PIR) today reported sales results for the first quarter ended May 26, 2012.

Highlights:

• Comparable store sales increased 7.2% on top of last year’s 10.2% gain; three-year cumulative comparable store sales increased 31.7%;
  
  
• Total sales for the quarter improved 7.9% to $361 million compared to $335 million in the year-ago quarter. The Street was looking for sales of $361.75.;
  
  
• Gross profit expected to be approximately 41.6% of sales versus 40.1% of sales last year; and
  
  
• Earnings per share expected to be approximately $0.16 versus $0.12 per share last year.

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