Pier 1 Imports (PIR) Tops Q3 EPS by 10c; Guides Above the Street

Pier 1 Imports (NYSE: PIR) reported Q3 EPS of $0.22, $0.10 better than the analyst estimate of $0.12. Revenue for the quarter came in at $475.9 million versus the consensus estimate of $466.42 million.

Company comparable sales increased 1.8%; Net sales decreased 0.4%

Alex W. Smith, President and CEO, stated, “Sales trends rebounded in the second half of November, following the election, which enabled us to deliver third quarter results well ahead of our forecast. Specifically, we had positive company comparable sales and higher than planned profits in the third quarter. We are making progress on our strategies to deliver shareholder value through our merchandising, marketing, supply chain and real estate initiatives. Our seasonal assortments are resonating with customers and we’re seeing strength across nearly all our product categories. As always, we’re pleased with how our teams and associates are executing against our holiday plans.”

“We have a great deal of confidence in our brand positioning and long-term financial outlook,” added Mr. Smith. “Pier 1 Imports has always been known for inspirational merchandise, great value and outstanding customer service. Layering our omni-channel capabilities on top of that foundation makes Pier 1 Imports a formidable force in the home furnishings space. Our teams are focused on continually enhancing our business model to ensure that we thrive in today’s era of retailing and well into the future.”

GUIDANCE:

Pier 1 Imports sees Q4 2017 EPS of $0.28-$0.32, versus the consensus of $0.27.

Pier 1 Imports sees FY2017 EPS of $0.37-$0.41, versus the consensus of $0.26.

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

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