UPDATE 2-Pier 1 Q1 loss narrower than estimates, shares jump

jueves 18 de junio de 2009 14:36 CEST

* Q1 loss/shr ex items $0.20 vs est -$0.36

* Rev $281.1 mln vs est $276.2 mln

* Same-store sales dip 7.5 pct

* Merchandise margin up

* Shares up 25 pct (Recasts, adds details, Reuters Estimates, share movement)

June 18 (Reuters) - Pier 1 Imports Inc (PIR.N: Cotización) posted a narrower-than-expected quarterly loss, helped by improved merchandise margins due to reduced supply chain costs and decreased clearance activity, sending the home furnishings retailer's shares soaring 25 percent.

The company reported net income of $29.3 million, or 32 cents a share, for the first quarter ended May 30, compared with a net loss of $32.8 million, or 37 cents a share, a year earlier.

Pier 1, whose rivals include Williams-Sonoma Inc (WSM.N: Cotización) and Bed Bath & Beyond Inc (BBBY.O: Cotización), said it recorded a gain of $48 million in the first quarter on the repurchase of debt.

Excluding the gain, the company lost 20 cents a share, while analysts were expecting a loss of 36 cents a share, according to Reuters Estimates.   Continuación...