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Pier 1 Imports Q2 profit surges; raises forecast again
Fort Worth, Texas -- Pier 1 Imports reported Thursday that net income for the quarter ended Aug. 27 surged to $26.2 million from $16.6 million last year, prompting the home goods retailer to raise its full-year adjusted profit forecast for the second time in three months.
Total sales increased 8.3% to $367.6 million from $339.6 million in the year-ago period, edging Wall Street’s expected $367.2 million in revenue. Same-store sales rose 6.7% on top of last year’s 10.8% gain.
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DSW awarded $7.2 million for credit card breach
Columbus, Ohio -- DSW Inc. said Thursday that it has been awarded $7.2 million as a result of litigation with its insurance carrier stemming from its credit card data breach in 2005.
The $7.2 million award represents damages plus accrued interest.
In other news, DSW has declared a special dividend totaling $91 million to be paid on Oct. 26 to shareholders. According to president and CEO Mike MacDonald, the special distribution, which is in addition to the regular dividend, represents “significant cash flow generation.”