Pier 1 Profit Falls 43%; Same-Store Sales Weak

Pier 1 Imports Inc., the largest U.S. retailer of imported home furnishings, said fiscal second-quarter earnings fell 43% because of a decline in store traffic.

Net income was $10.4 million, or 12 cents a share, compared with $18.4 million, or 20 cents, a year earlier. Sales rose 5.7% to $452.3 million, the Fort Worth-based company said. Same-store sales, a key measure of retail health, fell 3%.

Profit was a penny more than the average analyst estimate of 11 cents. Pier 1 shares rose $1.06 to $18.90 on the New York Stock Exchange.

Pier 1’s TV commercials featuring Thom Filicia of the cable show “Queer Eye for the Straight Guy” “didn’t provide a return on investment,” Chief Financial Officer Cary Turner said. The company said it instead would focus on newspaper and magazine advertising and direct marketing for the rest of the year.