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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.

Interested in more info on Pier 1? Add it to your watchlist.

Fool contributor Brian Pacampara owns no position in any of the companies mentioned. Bed Bath & Beyond is a Motley Fool Stock Advisor pick. Try any of our Foolish newsletter services free for 30 days.

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