Pier 1 reports fiscal 2013

Pier 1 Import Inc. earned $129.4 million, or $1.20 per share, on $1.7 billion in revenue for fiscal 2013.

“Fiscal 2013 was another outstanding year for Pier 1 Imports,” said Alex W. Smith, president and CEO. “We delivered our 14th consecutive quarter of significant sales and profit growth, re-introduced our dividend and repurchased $100 million of Pier 1 Imports stock, returning substantial value to our shareholders. At the same time, we launched our e-Commerce enabled website, established a platform to support our multi-channel strategy and commenced a pilot of our new POS system.”

The Fort Worth company’s fourth-quarter earnings fell 46 percent compared with last year, when the retailer had a one-time tax benefit. The company earned $61.7 million, or 58 cents per share, in the three months that ended March 2.

That compares with earnings of $115.2 million, or $1.04 per share, in last year’s quarter. Adjusted earnings totaled 60 cents per share.

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Revenue was up 16 percent to $551.6 million.

For fiscal 2014, the company expects earnings to range between $1.26 and $1.31 per share.