Pier 1 Q4 profit jumps; three-year growth plan includes store upgrades and tech investments

Fort Worth, Texas -- Pier 1 Imports Inc. on Thursday said that its fiscal fourth-quarter profit more than doubled on increased store traffic and a one-time tax benefit that boosted its bottom line. The chain also announced a new three-year growth plan that includes store updates and investments in technology. Pier 1 reported net income of $115.2 million for the three months ended Feb. 25, up from $57.1 million a year earlier. Revenue rose 12% to $476.8 million, from $426.6 million, beating Wall Street's estimate of $474.5 million. Same-store sales rose 10.3%. As part of its new growth plan,