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.



“Now that our transformation to a multichannel retailer is well underway, the business is at an important inflection point,” said Cary H. Turner, senior EVP and CFO. “This year, we will be making prudent investments, including additional headcount, to support our growth.