Pier 1 swings to profit in Q2

Fort Worth, Texas Pier 1 Imports Inc. reported Thursday that it swung to profitability during the quarter ended Aug. 28, boosted by lowered costs and tightened inventories.

The retailer earned $14.4 million for the quarter, compared with a loss of $15.8 million in the year-ago period.

Pier 1 said this is the fourth straight quarter that the company has posted a profit, boosting confidence that the retailer is steadily improving its performance under the leadership of CEO Alex Smith.

Revenue rose 8% to $309.9 million from $286.7 million, but missed Wall Street's estimate of $310.1 million.

Same-store sales increased 11.2%, a significant rise over last year’s 7.6% decrease.