Shares of Pier 1 Imports (PIR) posted third-quarter results that topped analysts' estimates.
The Fort Worth, TX-based company also appointed Chairman Terry London as its interim president and CEO effective January 1. CEO Alex Smith previously announced he would step down at year end.
For the fiscal third quarter, Pier 1 reported comparable-store sales rose 1.8%, while the FactSet consensus was for a decline of 1.1%. The retailer posted adjusted earnings of 22 cents per share, which handily beat analysts' projections of 13 cents per share. Revenue decreased 0.4% to $475.9 million year-over-year, but was above Wall Street's forecasts of $466.4 million.
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