Updated from 8:15 a.m. EDT
posted sharply higher second-quarter earnings that were consistent with the company's and analysts' expectations.
The home furnishings retailer earned $22.07 million, or 23 cents a share, 64% higher than last year's $13.8 million, or 14 cents a share. Analysts had predicted the company would earn 23 cents a share.
Revenue was $410.9 million, up 15% from $357.2 million a year ago. The company said comparable-store sales increased 5.8%. Gross profit increased to 40.1% of sales, compared with 38.5% a year ago.
Pier 1 plans to open 62 new stores in the second half of the year and 12 new Cargokids stores. The Fort Worth, Texas-based retailer said it will focus on the new store openings, customer service and managing inventory levels and expenses in the coming year.
Shares of Pier 1 lost 59 cents, or 2.92%, closing at $19.60 on Tuesday on the
New York Stock Exchange