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Consumer confidence falls to nine-month low
New York -- A report released Friday found that confidence among American consumers declined in April to a nine-month low. The Thomson Reuters/University of Michigan preliminary index of consumer sentiment declined to 72.3 in April from 78.6 a month earlier, lower than Bloomberg’s earlier estimates that called for a flat reading.
The decline reflects consumer pessimism about the economy and continuing effects from the increased payroll tax.
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Pier 1 Q4 profit down 46% without last year’s tax benefit
Fort Worth, Texas -- Pier 1's fourth-quarter earnings fell 46% compared with last year, when the chain recorded a large, one-time tax benefit.
The company earned $61.7 million in the three months that ended March 2, compared with $115.2 million in last year's quarter. Revenue rose 16% to $551.6 million. Same-store sales climbed 7.9%.
For the full year, Pier 1 earned $129.4 million on $1.7 billion in revenue.
For its current fiscal year, the chain expects to open 30 stores.