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Pier 1 lands profit
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December 18, 2001: 7:42 a.m. ET
Home furnishings retailer 1Q in line with views and above prior year.
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NEW YORK (CNN/Money) - Home furnishings retailer Pier 1 Import Inc. reported third-quarter earnings Tuesday in line with analysts' estimates and ahead of year-earlier results as increased marketing efforts boosted sales.
The Fort Worth, Texas-based company said it earned 26 cents per share in the quarter, up from 24 cents per share a year earlier. Pier 1 posted sales of $387.3 million in the third quarter, up 12.8 percent from $343.5 million in the prior year.
Pier 1 said sales at stores open at least a year climbed 5.1 percent in the quarter.
"Our solid merchandise offering combined with a strong response from customers to our value proposition allowed us to increase market share during this difficult period for the overall retail industry," said Pier 1's chairman and chief executive, Marvin Girouard. "Through national advertising, direct mailings and newspaper inserts customer traffic and transactions increased during the 10 weeks of the quarter."
The company said the sales momentum has continued into December and it is increasing its earnings guidance for the fourth quarter. Pier 1 expects a profit of 40-to-42 cents per share, topping analysts' estimates of 38 cents per share, according to First Call.
Shares of Pier 1 Imports (PIR: up $0.67 to $16.60, Research, Estimates) gained 67 cents to close at $16.60 Monday. 
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