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Bonds Are a 'Safe' Investment: A Big Lie Gets Even BiggerOn Thursday, publisher John Wiley & Sons Inc. (NYSE: JW.A) reported that its fiscal fourth-quarter earnings more than doubled. Not so good news from retailer Pier 1 Imports Inc. (NYSE: PIR), which said Thursday that its fiscal first quarter loss narrowed, but still fell short of analysts' forecasts.
Wiley said that, for the quarter ended April 30, earnings soared to $29 million, or 49 cents per share, from $14.4 million, or 25 cents per share, in the same period of the previous year ago. Revenue grew 11% to $433 million. Results were lifted by the company's 2007 acquisition of Blackwell Publishing.
Analysts polled by Thomson Financial had expected 35 cents per share on $427.1 million in sales.
For the full year, earnings rose 48% to $147.5 million, or $2.49 per share, and revenue grew 36% to $1.67 billion. Wiley also announced its 15th consecutive annual dividend increase.
John Wiley shares rose $1.10 Thursday to $49.76, just shy of its 52-week high, but was trading lower Friday morning. Shares are up 13.3% year to date.
Fort Worth, Tex.-based Pier 1 reported a loss of $32.8 million, or 37 cents per share, due to less store traffic and slower sales and n March and April. That's compared with a loss of $56.4 million, or 64 cents per share in the year-ago quarter.
For the quarter ended May 31, revenue fell 13% to $310 million, and same-store sales fell 5.4%. Pier 1 said sales were hurt by a lower store count and the elimination of "ancillary businesses," but also that traffic improved in May.
Analysts polled by Thomson Financial had expected a loss of 15 cents per share on revenue of $338.2 million.
Shares of Pier 1 fell 44 cents on Thursday to close at $5.01, continued down Friday morning. Shares are down 5.5% year to date, and down 42.7% from a year ago.
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