Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of home furnishings retailer Pier 1 Imports (NYSE: PIR) climbed 11% in intraday trading Thursday, after its quarterly results easily topped Wall Street expectations.

So what: Driven by 8% revenue growth and improved margins, Pier 1 posted fourth-quarter earnings of $57.1 million, or $0.48 per share, versus a $0.30 per-share profit in the year-ago period. The U.S. downturn hit Pier 1 particularly hard, but new merchandising initiatives, cost control efforts, and, most importantly, rebounding consumer spending has helped buoy the stock to two-year highs.

Now what: Pier 1's fundamentals are moving in the right direction. Along with the release, management also outlined its new three-year growth plan, which includes investing $200 million into the business and starting a $100 million share repurchase program. And with today's good news coming off the heels of rival Bed Bath & Beyond's (Nasdaq: BBBY) earnings beat, Pier 1 shareholders should have positive industry trends working in their favor, as well.

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