Pier 1 Raises Earnings Guidance

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Pier 1

(PIR) - Get Report

updated its fourth-quarter guidance, saying it expects to beat Wall Street's earnings estimates on higher customer traffic and stronger sales.

The home furnishing retailer said it sees earnings for the quarter of 48 cents to 49 cents a share, ahead of the consensus analyst estimate of 45 cents, according to Thomson Financial/First Call.

The company also expects same-store sales to be at least 10% higher than in February 2001. Pier 1 attributed the boost to new merchandise selections and a successful marketing program.

Shares of PIR closed at $17.57 Monday before the earnings forecast.