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Pier 1 Q4 profit jumps; three-year growth plan includes store upgrades and tech investments
Fort Worth, Texas -- Pier 1 Imports Inc. on Thursday said that its fiscal fourth-quarter profit more than doubled on increased store traffic and a one-time tax benefit that boosted its bottom line. The chain also announced a new three-year growth plan that includes store updates and investments in technology.
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More March madness: Comps increase 7.3%
For the second month in a row Target’s same-store sales were nearly double the expected amount and the company increased its first quarter guidance as a result.
Same-store sales increased 7.3%, with half of the increase driven by growth in average transaction size combined with an increase in comparable-store transactions. Overall comparable-store sales in March 2011 decreased 5.5%.