Pier 1 Net Falls 46 Percent in Third Quarter
December 16, 2010,
FORT WORTH, Texas--Although it was the company's fifth consecutive quarter with a profit, Pier 1 Imports' net income dropped 46 percent to $21 million in its fiscal third quarter.
In its statement detailing the results, the company noted that last year's bottom line received a $55.9 million boost from an income-tax benefit that stemmed from the Worker, Homeownership and Business Assistance Act, which became law during the third quarter of last year. Without that benefit, Pier 1 posted a pretax loss of $16.8 million.