Pier 1 Reports 10.2% Jump In Q1 Comparable-Store Sales, Issues Upbeat Q1 Profit Projections

Pier 1 Imports Inc PIR reported a 10.2% surge in its comparable-store sales for the quarter. PIR's total sales climbed 9.5% to $335 million, from $306 million in the year-ago period. The retailer projects its FQ1 net income of $0.11 to $0.12 per share, up from $0.07 per share, in the year-ago quarter. However, analysts expected net income of $0.09 per share for the quarter ended May 29. PIR shares fell 3.44% to close at $11.51 yesterday. Read more from Benzinga's Company news.