Business Pier 1 beats 3Q profit expectations, misses revenue forecasts

Pier 1 beats 3Q profit expectations, misses revenue forecasts

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FORT WORTH, Texas (AP) _ Pier 1 Imports Inc. (PIR) on Wednesday reported fiscal third-quarter net income of $10.9 million.

The Fort Worth-based company said it had net income of 13 cents per share.

The results topped Wall Street expectations. The average estimate of 13 analysts surveyed by Zacks Investment Research was for earnings of 12 cents per share.

The home decor company posted revenue of $472.5 million in the period, which missed Street forecasts. Ten analysts surveyed by Zacks expected $494.6 million.

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Pier 1 expects full-year earnings to be 42 cents to 46 cents per share.

Pier 1 shares have fallen 61 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $5.95, a fall of 57 percent in the last 12 months.

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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 http://www.zacks.com/ap/PIR

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