Pier 1 Imports (PIR) Prelim. Q2 Loss Wider than Expected

September 7, 2016 5:02 PM EDT

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Pier 1 Imports, Inc. (NYSE: PIR) announced preliminary sales and earnings per share data for the second quarter ended August 27, 2016.

Net sales for the second quarter decreased by approximately 6.7% compared to the same period a year ago. E-Commerce sales represented approximately 20% of net sales in the second quarter. Company comparable sales, which include e-Commerce, decreased approximately 4.3% compared to the same period a year ago. Second quarter loss per share is expected to be in the range of ($0.06) to ($0.05), excluding one-time items, if any, related to the planned departure of the Company’s Chief Executive Officer, which was announced separately today.

*** The Street sees Q2 revenue of $424.4 million and loss of $0.03 per share.

Alex W. Smith, President and Chief Executive Officer, stated, “Although ongoing store traffic challenges impacted our top line results, we were able to drive year-over-year improvement in our merchandise margin rate through a more balanced promotional strategy and improved operational execution in our distribution centers. We continue to focus on closely managing inventories and ended the quarter with inventory levels down approximately 10% from a year ago. We look forward to discussing our full financial results and key initiatives for fall and holiday during our upcoming conference call.”

Second Quarter Fiscal 2017 Financial Results Conference Call

The Company will host a conference call to discuss second quarter fiscal 2017 financial results at 4:00 p.m. Central Time on Wednesday, September 28, 2016. Investors will be able to connect to the call through the Company’s website at Pier1.com. The conference call can be accessed by selecting “About” on the homepage and linking through the “Investor Relations” page to the “Events” page, or by dialing 1-800-498-7872, or if international, 1-706-643-0435. The conference ID number is 88750376.

A replay will be available after 7:30 p.m. Central Time for a 24-hour period and can be accessed by dialing 1-855-859-2056, or if international, 1-404-537-3406 using conference ID number 88750376.

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