Pier 1 3Q results down from prior year, company still pleased

FORT WORTH, Texas- Pier 1 Imports reported a third-quarter comparable-store sales increase of 10.2% versus last year’s increase of 13.7% and net incomeof $21 million, or 18 cents per share,compared with last year’s third quarter net income of $38.8 million, or 37 cents per share.

Alex Smith, president and CEO, commented, “With sales and margins exceeding our expectations and the overall leveraging of expenses, we are reporting net income for our fifth consecutive quarter.”