Pier 1 Q1 sales up, raises earnings forecast
Fort Worth, Texas — Pier 1 Imports said Thursday its same-store sales rose 10.2% in the first quarter, helped by better traffic, more purchases being made and a higher average receipt. The retailer also gave a first-quarter earnings forecast above Wall Street’s expectations.
Total revenue for the period ended May 28 climbed 10% to $335 million from $306 million.
Report: Buyout firm in talks with Borders
New York City — Private equity firm Gores Group is in talks to buy more than half of Borders Group’s remaining stores, the Wall Street Journal reported on Wednesday, citing people familiar with the matter.
Borders, which filed for Chapter 11 bankruptcy protection in February, would be able to continue operating as a going concern, according to the report.
Other suitors are also talking with Borders, the Wall Street Journal reported.