Pier 1 tops 4Q profit forecasts

FORT WORTH, Texas (AP) _ Pier 1 Imports Inc. (PIR) on Wednesday reported fiscal fourth-quarter profit of $26.6 million.

On a per-share basis, the Fort Worth, Texas-based company said it had profit of 33 cents. Earnings, adjusted for non-recurring costs, were 34 cents per share.

The results topped Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 33 cents per share.

The home decor company posted revenue of $528.4 million in the period, which fell short of Street forecasts. Seven analysts surveyed by Zacks expected $530.8 million.

For the year, the company reported profit of $30.1 million, or 37 cents per share. Revenue was reported as $1.83 billion.

Pier 1 expects full-year earnings to be 46 cents to 52 cents per share.

Pier 1 shares have decreased 15 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $7.25, an increase of slightly more than 4 percent in the last 12 months.

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on PIR at https://www.zacks.com/ap/PIR

Keywords: Pier 1, Earnings Report