FORT WORTH, Texas (AP) — Pier 1 Imports' first-quarter net income rose 14 percent, buoyed by strong full-priced selling of its home decor items.
The chain's earnings and revenue results matched Wall Street's expectations. The company raised its fiscal 2014 earnings forecast.
For the period ended June 1, the Fort Worth, Texas, company earned $20.3 million, or 19 cents per share. A year earlier it earned $17.8 million, or 16 cents per share. Analysts polled by FactSet expected earnings of 19 cents per share.
Revenue increased 9 percent to $394.9 million from $361.1 million. Analysts expected $394.9 million.
Revenue at stores open at least a year, a key gauge of a retailer's health, climbed 5.9 percent. This figure excludes results from stores recently opened or closed.
Pier 1 Imports Inc. said Thursday that the key revenue metric's performance was bolstered by better in-store traffic and an increase in the average amount shoppers paid when they checked out.
The chain now anticipates fiscal 2014 earnings of $1.27 to $1.32 per share, up from its prior forecast of $1.26 to $1.31 per share. Analysts predict full-year earnings of $1.32 per share.
The retailer also said that it has increased its revolving credit facility to $350 million from $300 million and extended the maturity date to June 2018 from April 2016.
Pier 1 will hold its annual shareholders meeting on July 2.
Its shares finished at $23.99 on Wednesday. They have traded in a 52-week range of $15.12 to $25.29.