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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.
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Bed Bath & Beyond Q4 and full-year profit rises
Union, N.J. -- Bed Bath & Beyond Inc. reported Wednesday that net income for the quarter ended March 2 increased 14% to $373.9 million, compared with $351 million in the year-ago period. But the retailer’s guidance for the current quarter came up short.
Sales leaped 24.5% to $3.401 billion, from $2.732 billion, and same-store sales rose 2.5%.
For the fiscal year, net earnings rose 12% to $1.038 billion), from $989.5 million. Full-year revenue rose 14.9% to $10.915 billion, and same-store sales for fiscal 2012 increased 2.7%.