Pier 1 Earnings Beat Forecasts:

Pier 1 Imports Inc. said profit grew 20% in its fiscal fourth quarter to $34 million, or 34 cents a share, as customers responded to its focus on lower pricing and larger selection. The retailer of imported home-decorating items was expected to earn 31 cents, the average estimate of analysts polled by First Call/Thomson Financial. Sales increased 15% to $380.1 million, with same-store sales up 9%. Fort Worth-based Pier 1 shares rose 16 cents to close at $11.44 on the NYSE.