Pier 1 Imports (PIR - Free Report) just released its latest quarterly results, posting a loss of $0.36 per share and revenues of $371.9 million.
Currently, PIR is a Zacks Rank #3 (Hold), but that could change based on today’s results. Investors should note that our consensus estimate for PIR’s earnings has not seen any revisions in the last 60 days, holding steady at a loss of $0.33 per share for the current fiscal year. It did however see a major revision in late March, having originally stood at an estimate of a $0.20 gain in EPS for the year.
Shares of the company have risen 21.2% over the past month and were up 1% during regular trading hours today.
However, the stock is currently down about 16.3% to $2.51 per share in after-hours trading shortly after its earnings report was released.
Pier 1 Imports:
Beat earnings estimates. The company reported a loss of $0.36 per share, topping the Zacks Consensus Estimate of a $0.40 loss per share (for the quarter). The company saw a net loss of $28.5 million overall.
Missed revenue estimates. The company saw revenue figures of $371.9 million, missing our consensus estimate of $376.8 million (for the quarter) and declining 10.1% year-over-year.
Furthermore, the company saw a comparable store sales decrease of 8.2% year-over-year.
The Company provided the following financial guidance for the second quarter and full year of fiscal 2019:
For Q2 FY19: Net loss (GAAP) of $43 million to $47 million, and a loss of $0.54 to $0.58 per share.
For Full Year FY19: Net loss (GAAP) of $14 million to $29 million, and a loss of $0.17 to $0.36 per share.
“We unveiled our three-year strategic plan in April 2018, at which point we laid out our expectations for the first quarter, full year fiscal 2019 and our overall three-year plan. Our first quarter performance was in line with those expectations,” said Alasdair James, President and CEO. “One quarter into our three-year journey, we are on track with execution and preparing for the re-launch of the Pier 1 brand this fall.”
Here’s a graph that looks at Company’s recent earnings performance:
Pier 1 Imports consists of a chain of retail stores operating under the names Pier 1 Imports and The Pier, selling a variety of furniture, decorative home furnishings, dining and kitchen goods, accessories and other specialty items for the home.
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