Pier 1 Imports shares rose to their highest level since September 2015 on Thursday after the company reported Q3 sales of $475.9 million, a 0.4% decline from the $478 million recorded in the year ago period but higher than the analyst consensus of $467 million on Capital IQ.
PIR was higher 37% at $8.87 recently, trading in a new 52-week range between $3.73 and $8.94.
Company comparable sales for the quarter increased 1.8% from the prior year. The Street view called for a 1.2% decline. Adjusted earnings were $0.22 per share, ahead of expectations of $0.13 per share.
For Q4, the company expects comparable sales in the range of a 1% decline to a 1% gain, vs. expectations of a 1.7% decline. Adjusted earnings are seen in the range of $0.28 to $0.32 per share, vs. expectations of $0.27 per share.