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Pier 1 Q3 profit plummets 46%, still beats Street

BY CSA STAFF

Fort Worth, Texas — Pier 1 Imports reported Thursday that profit for the quarter ended Nov. 27 dropped 45.9% to $21 million, compared with $38.8 million a year earlier.

The decrease was due mostly to a $55.9 million income tax benefit a year ago, but the results still beat Wall Street expectations.

Revenue rose 8.2% to $353.8 million from $327.1 million, surpassing Wall Street’s estimate of $352.8 million. The improvements were the result of increases in store traffic, conversion rate and average ticket.

Same-store sales increased 10.2%.

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Toys ‘R’ Us to stay open round-the-clock Dec. 22 until 10 p.m., Dec.24

BY CSA STAFF

Wayne, N.J. — Toys "R" Us announced that its stores nationwide will remain open for 88 consecutive hours beginning at 6 a.m. on Tuesday, Dec. 21 and continuing through 10 p.m. on Christmas Eve. It’s is the first time that the company’s stores across the country will stay open 24-hours per day during the final countdown to Christmas.

In addition to ongoing savings on the hottest products, Toys “R” Us will offer special "Midnight Madness" deals valid in-store from midnight through 6 a.m. each day, beginning at midnight Dec. 22. The offers will be sent to customers each day via e-mail.

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Rite Aid narrows in Q3, revenue slips

BY CSA STAFF

Camp Hill, Pa. — Rite Aid Corp. reported Thursday that it narrowed its third-quarter loss to $81.5 million, compared with a $86.1 million loss a year ago. But revenue slid and the drugstore operator again lowered its full-year forecast.

Revenue fell 2% to $6.2 billion, in line with Wall Street expectations. Same-store sales dropped 1.3%.

Rite Aid CEO John Standley said in a statement that the quarter fell below company expectations. "While the lack of cough, cold and flu had a significant impact on our results, the good news is that our front-end sales began to turn around during the quarter and our team continued to do a good job of controlling costs," he said.

Rite Aid said same-store revenue will be softer than expected in the fourth quarter.

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