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Pier 1 Imports (NYSE:PIR) will step up efforts in online shopping and aim to start 20 stores by next year as profits continued to grow. The home furnishings retailer announced a $115.2 million net profit, or $1.04 per share, for the fourth quarter. Income nearly doubled from $57.1 million for the same period the year before.
The imports-focused retailer has not yet been hurt by Amazon.com (NASDAQ:AMZN), but plans to build a new e-commerce platform and promote online purchases. Consumers will be allowed to reserve items online at “Pier 1 To-You” and pick them up in stores. The website is expected to be launched by July. The Texas-based company expects online sales to form 10 percent of its total sales by 2016.
Sales for the fourth fiscal quarter grew, but stayed short of expectations, climbing to $476.8 million from $426.6 million. Same-store sales rose 10.3 percent. For fiscal 2013, Pier 1 has projected earnings of $1.06 to $1.12 per share.
The company also plans to open 20 new stores in fiscal 2013 and projects earnings of between $1.06 and $1.12 per share. It opened 15 new stores in fiscal 2012. This year, Pier 1 will remodel six to eight stores and refurbish 100 others with new fixtures and lighting.
The company board announced a cash dividend of 4 cents per share for shareholders. It will be the company’s first dividend since July 2006. “The ongoing strength of our operating performance and long-term growth opportunities, combined with our solid financial position, and strong cash flow, provides us with the flexibility to return value to our shareholders,” CEO Alexander Smith said.
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