Pier 1 Imports (PIR) Sees Q3 Results at High-End of Prior Outlook

November 14, 2016 4:16 PM EST
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Pier 1 Imports, Inc. (NYSE: PIR) updated its third quarter fiscal 2017 financial guidance to reflect recent business trends.

“Our merchandise, promotional and marketing initiatives are resonating well with our customers,” said Alex W. Smith, President and Chief Executive Officer. “Comparable sales quarter-to-date through October grew at a low single-digit rate. The election appears to have disrupted sales during the first ten days of November but we anticipate that sales trends will improve as we move through the month. We are seeing strength in our gross margin – a result of great merchandise, balanced promotional activity and efficiency improvements in the supply chain. Based on trends so far this quarter, we now expect our fiscal third quarter results to be at the high-end of our previously guided ranges for comparable and net sales, merchandise margin, earnings per share and adjusted earnings per share.”

Mr. Smith continued, “The critical days of the holiday season are still ahead of us and we are highly focused on strong execution of our holiday plans. We are seeing strength in all of our holiday categories, which bodes well for both sales and merchandise margin. Over the longer term, we will focus on the creation of unique merchandise assortments which define the Pier 1 Imports brand and continue to enhance our already significant omni-channel capabilities to help drive sales, expand market share and improve profitability.”

The Company will update its fourth quarter and full-year fiscal 2017 financial guidance when it reports results for the third quarter of fiscal 2017 in mid-December.

Raymond James Boston Fall Investors Conference

The Company also announced today that it is participating in the Raymond James Boston Fall Investors Conference being held November 15, 2016, at The State Room in Boston, Massachusetts. Alex W. Smith, President and Chief Executive Officer, and Jeffrey N. Boyer, Executive Vice President and Chief Financial Officer, will be meeting with investors during the conference. A copy of the presentation slides that will be discussed in the investor meetings will be made available that morning on the Company’s website, Pier1.com. The presentation slides can be accessed by selecting “About” on the homepage and linking through the “Investor Relations” page to the “Events” page.

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