Pier 1 Q4 net income rises, sets three-year growth plan

Fort Worth, Texas -- Pier 1 Imports reported Thursday that net income for the quarter ended Feb. 26 surged 65% to $57.1 million, from $34.5 million a year earlier. The home décor retailer cited improving sales, cost control efforts and strong merchandise margins for the substantial improvement. Pier 1 also announced a three-year growth plan that includes investing $200 million of capital into its operations and starting a $100 million share buyback. Revenue rose 8% to $426.6 million from $396 million, helped by better traffic, an improved conversion rate and higher average ticket. Same-store sales increased 8.9%. For the