UPDATE: Pier 1 Imports (PIR) Tops Q1 EPS by 1c, Offers Guidance

(Update corrects EPS)

Pier 1 Imports (NYSE: PIR) reported Q1 EPS of ($0.04), $0.01 better than the analyst estimate of ($0.05). Revenue for the quarter came in at $409.53 million, versus $418.37 million reported last year.

Company comparable sales on a constant currency basis were flat compared to the first quarter last year.

Fiscal 2018 Second Quarter and Full-Year Financial Guidance

Jeffrey N. Boyer, Executive Vice President and Chief Financial Officer, stated, “We delivered strong year-over-year merchandise margin improvement and performed well against our cost initiatives again in the first quarter. However, the Outdoor category underperformed our expectations, resulting in some softness in top-line performance. Although the Outdoor category is expected to adversely impact sales and merchandise margin in the second quarter, we are carefully managing inventory levels and anticipate that our operating and growth initiatives will continue to gain traction as we move through the year.”

The Company’s 2018 fiscal year includes 53 weeks of operating results. The Company’s 53rd week is expected to contribute approximately $26 million to net sales and approximately $0.02 to earnings per share. Fiscal 2018 financial guidance is being provided on a 53-week basis with the exception of company comparable sales growth, which is being provided on a 52-week basis. The Company provided the following financial guidance for the fiscal 2018 second quarter and updated financial guidance for the full year:

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

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