Pier 1 Imports reports Higher Profit (PIR, KIRK, HVT)
Shares of Pier 1 Imports, Inc.(NYSE:PIR) jumped about 3.50% as the company posted a 26% jump in first-quarter earnings with shoppers more willing to pay full price for home furnishings.
The company posted net income of $17.8 million, or 16 cents per share, up from a year ago profit of $14.1 million, or 12 cents per share, a year earlier. Revenue climbed 8 percent to $361.1 million thanks to increased traffic and higher receipt totals, on average. Same-store sales grew 7.205.
Pier 1 Imports Inc. now foresees fiscal 2013 earnings of $1.08 to $1.14 per share, up from a prior guidance of $1.06 to $1.12 per share. It maintained its outlook for revenue at stores open at least a year to climb by the mid-single digits. Analysts predict earnings of $1.13 per share.
Pier 1 extended the contract of President and CEO Alex Smith for another three years, having reached a new deal on Wednesday.
Kirkland’s, Inc.(NASDAQ:KIRK) soared 6.41% to $11.79. Kirkland’s, Inc. (Kirkland’s) is a specialty retailer of home decor and gifts in the United States. As of January 28, 2012, the Company operated 309 stores in 30 states. The Company’s stores present a line of merchandise, including framed art, mirrors, wall decor, candles and related items, lamps, decorative accessories, accent furniture, textiles, garden-related accessories and artificial floral products.
Haverty Furniture Companies, Inc.(NYSE:HVT) added 3.88% to $10.98. Haverty Furniture Companies, Inc. (Haverty) is a specialty retailer of residential furniture and accessories. All of its retail locations are operated using the Havertys name and the Company does not franchise its stores. Haverty provides its customers a selection of products and styles, and the furniture merchandise it carries bears the Havertys brand. It also offers the bedding product lines of Sealy, Serta and Tempur-Pedic.