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Pier 1 Imports cuts 1st-qtr views
The home furnishings retailer sees earnings of 12 to 16 cents a share in itsfirst quarter vs. views of 18 cents. The firm says April same-store sales wereflat to slightly negative. Same-store sales growth for the first quarter ending June 2 will be flat to up 2%. Customers are buying lower-priced and saleitems, pushing the average sale lower than expected. Pier 1 sees full-year earnings of $1 to $1.05 a share vs. views of $1.07. Its shares tumbled 3.41, or23.5%, to 11.10.
King Pharma 1st-qtr net up 86%
The drugmaker netted 26 cents a share vs. 14 cents a year ago. That topped views by a cent. It was the third straight quarter of accelerating growth. KingPharmaceuticals credited sales of the heart drug Altace. Altace, co-marketed with American Home Products, more than doubled its sales to $56.4 million. Total sales rose 34% to $181.3 million. King also raised full-year profit estimates to $1.18 to $1.21 a ...