At Pier 1 Imports, double-digit positive comps

Posting its fifth consecutive quarter in the black, Fort Worth, Texas-based Pier 1 Imports reported third-quarter sales of $353.8 million, up from $327.1 million in the same three months last year.

Comp-store sales for the quarter increased 10.2%.

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

The company posted net income of $21.0 million, down from $38.8 million in the same quarter last year.

Merchandise margins for the first nine months were 58.6% of sales compared with 54.4% of sales in the same period last year.


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