Pier 1 Imports (PIR) Reports Q3 Loss of $0.62, Revenues Miss

Pier 1 Imports (NYSE: PIR) reported Q3 EPS of ($0.62), versus $0.09 reported last year. Revenue for the quarter came in at $413.2 million versus the consensus estimate of $451.98 million.

• Company comparable sales decreased 10.5% compared to the third quarter of fiscal 2018; the Company estimates that the shift of certain holiday selling days, which were not included in last year’s fiscal third quarter, benefited third quarter fiscal 2019 company comparable sales by approximately 600 basis points. The impact of this timing shift is expected to reverse in the fourth quarter of fiscal 2019.
• Net sales decreased 11.9% to $413.2 million compared to the third quarter of fiscal 2018;
• Net loss of $50.4 million, or ($0.62) per share, including the negative impact of $20.8 million, or ($0.26) per share, related to a non-cash charge to establish a valuation allowance against certain deferred tax assets;
• Inventory down 7.3% from the third quarter of fiscal 2018; and
• Cash and cash equivalents of $71 million at quarter end. Proactively expanded its secured revolving credit facility to include a new $50 million FILO tranche, and had no short-term borrowings during the quarter.

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

You May Also Be Interested In

• Tesla plans 'flying' Roadster stunt at SpaceX Texas site as early as August
• Newton Golf Company (NWTG) Reports Q2 Loss of $0.49
• Rein Therapeutics Inc. (RNTX) Tops Q2 EPS by 39c