FORT WORTH, Texas (AP) — More people shopped at Pier One Imports and they spent more on average, driving the home decor company's fiscal second-quarter net income 58 percent higher as a key revenue metric improved.
The Fort Worth, Texas-based company raised its fiscal 2013 adjusted earnings forecast for a second time.
For the three months ended Aug. 25, the company reported Thursday that its net income rose to $26.2 million, or 24 cents per share, up from $16.6 million, or 14 cents per share, a year earlier.
Stripping out a reversal of accrued interest, earnings were 19 cents per share. That matched the average expectations of analysts surveyed by FactSet.
Revenue increased 8 percent to $367.6 million from $339.6 million, beating Wall Street's estimate of $367.1 million.
Revenue at stores open at least a year rose 6.7 percent. This figure is a key indicator of a retailer's health because it excludes results from stores recently opened or closed.
Pier 1 Imports Inc. now foresees fiscal 2013 adjusted earnings in a range of $1.10 to $1.16 per share. In June, it had increased the outlook to $1.08 to $1.14 per share. Its initial guidance was for $1.06 to $1.12 per share.
Analysts expect earnings of $1.16 per share.
The chain maintained its outlook for revenue at stores open at least a year to climb by the mid-single digits.
Its shares finished at $19.55 on Wednesday. That is just below their 52-week high of $19.62 on Monday.