Pier 1 Imports (NYSE:PIR) announced that second quarter earnings climbed by 58% due to strong sales growth, as well as a tax benefit. The company reported a profit of $26.2 million, or 24 cents a share, versus $16.6 million, or 14 cents a share, in the same period last year. Revenue increased by 8.3% to $368 million. The company raised full-year earnings guidance from $1.10 to $1.16 from between $1.08 and $1.14.
Shares are higher in early trading.
The retailer competes with home furnishing specialists like Williams Sonoma (NYSE:WSM), Kirkland's (NASDAQ:KIRK) and Bed Bath and Beyond (NASDAQ:BBBY), as well as major discount retailers like Target (NYSE:TGT) and Wal-Mart (NYSE:WMT).
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