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Pier 1 Imports fiscal Q4 profit falls 24.8% YOY

Pier 1 Imports Inc. said its normalized net income for the fiscal fourth quarter ended Feb. 28 came to 37 cents per share, compared with the S&P Capital IQ consensus estimate of 36 cents per share.

EPS decreased 13.3% year over year from 42 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $32.9 million, a decline of 24.8% from $43.7 million in the fourth quarter ended March 1, 2014.

The normalized profit margin dropped to 5.8% from 8.5% in the year-earlier period.

Total revenue climbed 5.4% year over year to $543.6 million from $515.8 million, and total operating expenses grew 10.1% year over year to $490.5 million from $445.7 million.

Reported net income decreased 20.0% on an annual basis to $33.7 million, or 37 cents per share, from $42.1 million, or 41 cents per share.

For the year, the company's normalized net income totaled 82 cents per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 81 cents.

EPS declined 20.5% from $1.03 in the prior year.

Normalized net income was $75.3 million, a fall of 31.1% from $109.2 million in the prior year.

Full-year total revenue increased year over year to $1.87 billion from $1.79 billion, and total operating expenses rose 7.6% year over year to $1.74 billion from $1.62 billion.

The company said reported net income decreased 29.6% year over year to $75.5 million, or 82 cents per share, in the full year, from $107.3 million, or $1.01 per share.