Pier 1 Imports (PIR) Reaffirms Q4 and FY Guidance
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Pier 1 Imports, Inc. (NYSE: PIR) today reiterated its financial guidance for the fourth quarter and full fiscal year ending February 25, 2017.
“Customers responded positively to our seasonal and holiday assortments in December and our team has been performing well at all levels of the business again this quarter,” said Terry E. London, Interim President and Chief Executive Officer. “In particular, our store associates are doing a great job of engaging our customers and providing them with outstanding service and a unique shopping experience. Additionally, our January clearance event was successful and readies us for the transition to fresh spring goods this month. Strong execution across the board enabled us to achieve slightly positive comparable sales growth of 0.6% quarter-to-date through January.”
Jeffrey N. Boyer, Executive Vice President and Chief Financial Officer, added, “We feel confident about our positioning for spring, which builds on our merchandising, marketing and promotional strategies which helped drive improved performance at Pier 1 Imports during the second half of fiscal 2017. We will provide formal guidance for fiscal 2018 when we report our fourth quarter and fiscal 2017 financial results in April.”
Fourth Quarter and Full-Year Fiscal 2017 Financial Guidance
The Company reiterated the following financial guidance for the fiscal 2017 fourth quarter and full year:
Guidance Metric | 4th Quarter | Full Year | ||||||
· Comparable sales growth (contraction) (%): | (1%) to 1% | (2%) to Flat | ||||||
· Net sales growth (contraction) (%): | (3%) to (1%) | (4%) to (2%) | ||||||
· Merchandise margin (% of net sales): | Approximately 56% to 57% | Approximately 56.5% to 57.5% | ||||||
· SG&A expenses: | Approximately $145 million to $150 million | Approximately $585 million to $590 million | ||||||
· Marketing spend: | Approximately $25 million | Approximately $105 million | ||||||
· Depreciation: | Approximately $56 million | |||||||
· Corporate tax rate: | Approximately 34% | |||||||
· Earnings per share (GAAP): | $0.26 to $0.30 | $0.30 to $0.34 | ||||||
· Adjusted earnings per share (non-GAAP): | $0.28 to $0.32 | $0.37 to $0.41 | ||||||
· Fully diluted share count: | Approximately 81 million shares | |||||||
· Capital expenditures: | Approximately $48 million | |||||||
The Company’s adjusted earnings per share guidance excludes estimated costs of approximately $2 million in the fourth quarter and $10 million for full-year fiscal 2017 related to the departure of the Company’s former Chief Executive Officer.
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