Pier 1 Imports Inc. (NYSE:PIR) has dropped by over 1.4 percent during the morning session of trading on Thursday after the company reported its third quarter revenue. The company’s revenue figures for the third quarter topped analyst expectations thanks to a balance between regular and promotional pricing which resulted in stronger sales. Pier 1 Imports went on to raise its earnings expectations for the third quarter.
The company reported that revenue during the three months which ended on November 26th rose by 8 percent to $383 million. That figure tops analyst expectations of $380.3 million. Revenue at stores open at least one year rose by 7 percent during the quarter, helped by an increase in traffic at its stores and an increase in the average transaction. It also said that revenue at store open at least one year during the Thanksgiving weekend were up by 10 percent compared with last year.
Pier 1 Imports went on to lift its earnings forecast for the third quarter. It now expects to earn between 20 to 21 cents per share, up from its previous estimate of 18 cents per share. Analysts on average had also estimated that the company would report earnings of 18 cents per share during the third quarter.
Pier 1 Imports currently trades at $13.34 per share.
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