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Pier 1 Margins Expanded During Q1

Pier 1 Imports saw merchandise margins expand to 59.5% of sales during the first quarter, compared to 58.6% in the year-ago period.
     The company said sales rose 9.5% to $335 million. Comps rose 10.2% on top of a 14.3% increase in last year's first quarter.
     Company president and ceo Alex Smith said merchandise margins were trending up across all product categories.