Pier 1 Imports (PIR) Reports In-Line Q2 EPS; Comps Fall 4.3%
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Pier 1 Imports (NYSE: PIR) reported Q2 EPS of ($0.05), in-line with the analyst estimate of ($0.05). Revenue for the quarter came in at $405.8 million versus the consensus estimate of $406.96 million.
Company comparable sales for the quarter decreased 4.3%.
Pier 1 Imports sees Q3 2017 EPS of $0.09-$0.15, versus the consensus of $0.12.
Pier 1 Imports sees Q4 2017 EPS of $0.24-$0.32.
lex W. Smith, President and CEO, stated, “Our top-line results reflect soft store traffic levels throughout the second quarter, most notably in July. To drive our business, we have many initiatives currently underway which include: our return to television advertising; merchandise refreshes, including the arrival of new and fall seasonal goods; new floor sets; gift registry introduction; full implementation of our multi-tender loyalty program; and an effective and balanced promotional plan.”
Mr. Smith continued, “As we moved through August and into September, we have seen improvement in our sales and merchandise margin trends; however, we remain cautious regarding our sales outlook given that it’s early in the quarter and our biggest selling season is still ahead of us.”
“We believe our Pier 1 Imports stores and website are well positioned moving into the holidays and will demonstrate the unique Pier 1 Imports selling proposition. I know that our wonderful Pier 1 Imports associates will continue to focus on delighting our customers at every turn, highlighting our assortments and our brand.”
Mr. Smith concluded, “With our omni-channel model in place, we are confident in the programs we have underway to help drive sales, improve our supply chain efficiency, optimize our real estate portfolio and further reduce costs, which we believe will lead to greater value creation for our shareholders.”
For earnings history and earnings-related data on Pier 1 Imports (PIR) click here.
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