NEW YORK (
reported its fifth consecutive quarterly profit in the third-quarter, following several years of losses.
During the quarter, the home goods retailer earned $21 million, or 18 cents a share, compared with a profit of $38.8 million, or 37 cents, in the year-ago period. Analysts were calling for a profit of 14 cents a share.
Sales rose 8.2% to $353.8 million, while same-store sales climbed 10.2%.
Pier 1's recovery over the past year can be attributed to its improvement in assortment, and in the third quarter it decided to begin offering more seasonal decorative merchandise.
-- Reported by Jeanine Poggi in New York.
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