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Pier 1 Imports fiscal Q3 profit falls 32.9% YOY

Pier 1 Imports Inc. said its normalized net income for the fiscal third quarter ended Nov. 29, 2014, amounted to 20 cents per share, compared with the S&P Capital IQ consensus estimate of 20 cents per share.

EPS declined 22.4% year over year from 26 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $18.1 million, a decrease of 32.9% from $27.0 million in the prior-year period.

The normalized profit margin declined to 3.7% from 5.8% in the year-earlier period.

Total revenue grew year over year to $484.5 million from $465.5 million, and total operating expenses grew 7.2% from the prior-year period to $452.7 million from $422.4 million.

Reported net income fell 33.4% from the prior-year period to $18.1 million, or 20 cents per share, from $27.2 million, or 26 cents per share.