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Promotions impact Pier 1 profit
Fort Worth, Texas – Promotions took their toll on profitability at Pier Imports Inc. during the first quarter of fiscal 2015. The company reduced its earnings guidance for fiscal 2015.
Net earnings fell 25% to $15.1 million from $20.3 million in the same quarter of fiscal 2014.
Total sales for the first quarter were $419.1 million, a 6.1% increase from $394.9 million in the year-ago quarter. Same-store sales increased 6.3%, attributable to increases in total brand traffic, conversion and higher average ticket.
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Rite Aid Q1 profit drops on costs; sales rise
Camp Hill, Pa. – Rising drug costs and falling reimbursements, as well as higher income tax expense, significantly cut into profits at Rite Aid Corp. Net income dropped 55% to $41.4 million in the first quarter, from $91 million in the year-ago period. Its earnings matched analysts' expectations.
Improving pharmacy sales helped drive a 3% increase in revenue to $6.47 billion from $6.29 billion, above Wall Street projections. Same-store sales rose 3.1%. Rite Aid maintained its fiscal 2015 earnings and revenue predictions.