* Q4 adapted EPS $0.32 vs appraisal $0.32
* Says March same-store sales up 19.4 pct
* Q4 commodity margins 55.8 pct vs 44.3 pct year ago
* Shares up 13.6 pct (Recasts, adds company, yst comments)
By Dhanya Skariachan
NEW YORK, April 8 (Reuters) - Pier 1 Imports (PIR.N) acquaint a 19.4 percent jump in March same-store sales, allowance to accelerate its shares to their accomplished akin in about three years, as consumers spent added advisedly on capacity their mes.
The aggregation additionally swed a abundant acceleration in annual margins, helped by stronger apprait for its wares, which ambit from cobweb chairs to rugs and wine gles.
Its shares rose 13.6 percent midday to $8.25 afterwardting a aerial of $8.47. Just one year ago, the b was trading at 61 cents.
Pier 1’s acceleration in March sales at food accessible at atomic a year comes on top of a 6.5 percent appear access for its fourth quarter, which concluded in backward February.
“Everyone is actual aflame that the clip is decidedly accelerated in the aboriginal quarter,” said Keybanc Capital markets yst Bradley Tmas. An aboriginal Easter anniversary that helped added retailers alone additional same-store sales at Pier 1 by 3 percent to 4 percent in March, he estimated.
Pier 1’s fourth-quarter net ets was $35 million, or 30 cents a share, compared with a year-earlier net accident of $29.4 million, or 33 cents a share.
Excluding items, the aggregation becoming 32 cents a share, in band with the ysts’ boilerplate estimate, according to Tmson Reuters I/B/E/S.
Sales rose 1.7 percent to about $396 million.
Merchandise margins for the fourth ision concluded Feb. 27 rose to 55.8 percent from 44.3 percent a year earlier.
Like beyond rivals Williams-Sonoma (WSM.N) and Bed Bath & Beyond (BBBY.O), Pier 1 is benefiting from renewed appeal for me appurtenances afterwards a continued tomer hiatus.
On Wednesday, Bed Bath & Beyond appear balance that exhausted expectations [ID:nN07127346]. Its shares were up 4.3 percent on Thursday.
“It has continued been credible that we can ascendancy costs and aggrandize commodity margin,” Pier 1 Chief Executive Ofr Alex Smith said in a statement. “Now with a hardly added alive economy, we are sing to see top-line improvements.”
He additionally said the aggregation had added allowance to access sales, as sales per aboveboard bottom were able-bodied beneath the company’s peak.
“Even admitting the abridgement has bigger a little, our barter are still not spending as advisedly as they did afore the recession,” Smith said during a alarm with ysts.
The aggregation is now antic added pieces of adorning items like end tables and ancillary tables rather than beefy couches and armoires. And clashing above-mentioned years back it offered beneath items in ample numbers, Pier 1 is additionally giving sppers added cices.
“We appearance able-bodied above-plan March sales and allowance as addition adumbration that new affairs at Pier 1 is resonating with tomers,” Oppenheimer yst Brian Nagel said in a agenda to clients. Pier 1 “represents the best acute operating allowance accretion adventure amid small-cap hardlines.” (Additional adver by Shradhha Sharma in Bangalore and Brad Dorfman in Chicago; Editing by Gopaar Warrier, Lisa Von Ahn and Gunna Dickson)
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