Pier 1 Imports (PIR) Tops Q4 EPS by 3c; Comps Up 5.7%

Pier 1 Imports (NYSE: PIR) reported Q4 EPS of $0.39, $0.03 better than the analyst estimate of $0.36. Revenue for the quarter came in at $543.6 million versus the consensus estimate of $548.71 million.

Company comparable sales increased 5.7% (6.4% on a constant currency basis after adjusting for a 70 basis point impact attributable to the year-over-year devaluation of the Canadian Dollar) and reflect increases in brand traffic and average ticket, and online conversion.

Alex W. Smith, President and Chief Executive Officer, stated, “Our omni-channel transformation is largely complete and from a brand strength and customer facing perspective we could not be more pleased with the results. However, fiscal 2015 clearly did not turn out as we had originally budgeted and we are very disappointed with the result. Our job now is to use the strength of the Pier 1 Imports brand and our investments in it to improve our profitability.”

“We are confident in the investments we have made which have allowed us not only to build a $200+ million e-Commerce channel in just two years, but also a platform to develop new growth vehicles and brands. In the short term our focus is on improving the profitability of our Pier 1 Imports brand. We now have the ability to engage our customers more frequently – through broader product offerings, expanded customer service options, tailored merchandising and marketing strategies and aspirational brand positioning. Pier 1 Imports’ brand health and competitive positioning remain strong, our customer can shop however she chooses, and we have multiple paths to grow the business and drive improved profitability.”

For earnings history and earnings-related data on Pier 1 Imports (PIR) click here.

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