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Pier 1 Q4 net income rises, sets three-year growth plan
Fort Worth, Texas -- Pier 1 Imports reported Thursday that net income for the quarter ended Feb. 26 surged 65% to $57.1 million, from $34.5 million a year earlier.
The home décor retailer cited improving sales, cost control efforts and strong merchandise margins for the substantial improvement.
Pier 1 also announced a three-year growth plan that includes investing $200 million of capital into its operations and starting a $100 million share buyback.
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As if retail wasn’t hard enough
The complexities of running a retail business combined with low margins prevalent in the mass market leave little room for error when it comes to achieving operating profitability. For any retailer to produce a profit is quite an accomplishment, and in the case of Walmart it is even more impressive when factoring in some of the extracurricular activities that go on in its stores.