Pier 1 profit up 15% in Q2

Fort Worth, Texas -- Pier 1 Imports reported Thursday that second-quarter profit rose to $16.6 million, from $14.4 million a year earlier, matching Wall Street expectations. Sales for the quarter increased 9.6% to $339.6 million, compared with $309.9 million in the year-ago quarter. Same-store sales increased 10.8%, boosted by higher traffic and average-ticket numbers. “Our growth plan is firmly on track, and we have returned value to our shareholders through the completion of our $100 million share repurchase program,” said Alex W. Smith, president and CEO. Smith confirmed that Pier 1 expects to have a solid fall and holiday