Pier 1 Q3 profit rises 3%
Fort Worth, Texas — Pier 1 Imports reported Thursday that net income for the third quarter rose 3% to $23.7 million, compared with $23 million in the year-ago period. Results matched Wall Street expectations.
Revenue rose 11% to $424.5 million from $382.7 million, beating analysts’ expectations of $422.2 million in revenue. Same-store sales increased 7.9%.
Walmart considering acquiring stake in Turkish retailer
New York — A Thursday report by the Financial Times said that Wal-Mart Stores Inc. is in discussions with Turkish retailer Migros Ticaret AS to acquire an 80% stake in the company from London-based private equity group BC Partners.
The Times said that Walmart held meetings with Migros managers in recent days in Turkey but it had not placed a bid for the Turkish retailer. Sources have not been identified and Wal-Mart so far has not commented.
Restoration Hardware swings to profit in Q3
Corte Madera, Calif. — Restoration Hardware Holdings Inc. reported Wednesday net income for the third quarter of $1.7 million, compared with a loss of $4.8 million in the year-ago period.
Revenue rose 22% to $284.2 million and same-store sales surged 29%.
The home furnishings retailer went public in November.