Pier 1 Plans $100 Million Stock Buyback

October 13, 2011  by in UnCategorized   

By Home Furnishings Business in Business Strategy on October 14, 2011 Specialty retailer Pier 1 Imports (NYSE: PIR) has board authorization to repurchase up to $100 million of the company's common stock.

Effective immediately, the retailer can acquire the stock in open market or through private transactions. Last month Pier 1 reported that its fiscal second-quarter net income rose 15 percent because the retailer drew more shoppers who spent more.

Timing of the repurchases will depend on a number of factors, including market conditions and prices. As of today, Pier 1 has about 109.6 million shares of common stock outstanding.