Pier 1 (PIR) Comps Rose 7.9% in Q4; Guides Q4 non-GAAP EPS Below
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Price: $3.56 --0%
Financial Fact:
Cost of sales (including buying and store occupancy costs): 260.79M
Today's EPS Names:
BTTX, VAXX, ELYS, More
Financial Fact:
Cost of sales (including buying and store occupancy costs): 260.79M
Today's EPS Names:
BTTX, VAXX, ELYS, More
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Pier 1 Imports, Inc. (NYSE: PIR) today reported sales results for the 14-week fourth quarter and 53-week fiscal year ended March 2, 2013.
Fourth Quarter Highlights
* Comparable store sales increased 7.9% on top of last year’s 10.3% gain; three-year cumulative comparable store sales increased 27.1%
* Total sales increased 15.7% to $552 million for the 14-week period
* Gross profit expected to be approximately 46.2% of sales versus 45.5% of sales last year
* Earnings per share expected to be approximately $0.57-$0.58 (GAAP) and $0.59-$0.60 (non-GAAP) on a 14-week basis versus $1.04 (GAAP) and $0.48 (non-GAAP) in the fourth quarter of last year (see reconciliation below of expected earnings per share to expected adjusted non-GAAP earnings per share). The Street sees EPS of $0.61.
For the fourth quarter ended March 2, 2013, comparable store sales on a 13-week basis increased 7.9% versus an increase of 10.3% for the fourth quarter ended February 25, 2012. Total sales for the 14-week fourth quarter improved 15.7% to $552 million compared to $477 million in the 13-week fourth quarter of last year. Strong comparable store sales results for the quarter were primarily attributable to increases in store traffic and higher average ticket. Fourth quarter merchandise margins at the store level are expected to be essentially flat year-over-year. Gross profit is expected to be approximately 46.2% of sales for the fourth quarter versus 45.5% of sales for the fourth quarter of last year.
For the fiscal year ended March 2, 2013, total sales for the 53-week period increased 11.2% to $1.705 billion from $1.534 billion last fiscal year. Comparable store sales for fiscal 2013 on a 52-week basis increased 7.5% versus an increase of 9.5% last fiscal year.
Earnings per share for the fourth quarter of fiscal 2013 are expected to be approximately $0.57-$0.58 (GAAP) and $0.59-$0.60 (non-GAAP) on a 14-week basis compared to $1.04 (GAAP) and $0.48 (non-GAAP) in the fourth quarter of last year on a 13-week basis (see reconciliation below under Financial Disclosure Advisory).
Alex W. Smith, President and Chief Executive Officer, commented, “Our 2013 fiscal year ended strongly, with another quarter of significant growth in sales and earnings. Our talented and dedicated associates continue to do an outstanding job of executing our robust operating and growth strategies.”
Smith continued, “We are confident that fiscal 2014 will be another terrific year as we continue our evolution into a true multi-channel retailer, exploiting the growth potential in our two mutually supportive and interdependent businesses – our wonderful Pier 1 Imports stores and our new, two quarters-old e-Commerce business.”
Fourth Quarter Highlights
* Comparable store sales increased 7.9% on top of last year’s 10.3% gain; three-year cumulative comparable store sales increased 27.1%
* Total sales increased 15.7% to $552 million for the 14-week period
* Gross profit expected to be approximately 46.2% of sales versus 45.5% of sales last year
* Earnings per share expected to be approximately $0.57-$0.58 (GAAP) and $0.59-$0.60 (non-GAAP) on a 14-week basis versus $1.04 (GAAP) and $0.48 (non-GAAP) in the fourth quarter of last year (see reconciliation below of expected earnings per share to expected adjusted non-GAAP earnings per share). The Street sees EPS of $0.61.
For the fourth quarter ended March 2, 2013, comparable store sales on a 13-week basis increased 7.9% versus an increase of 10.3% for the fourth quarter ended February 25, 2012. Total sales for the 14-week fourth quarter improved 15.7% to $552 million compared to $477 million in the 13-week fourth quarter of last year. Strong comparable store sales results for the quarter were primarily attributable to increases in store traffic and higher average ticket. Fourth quarter merchandise margins at the store level are expected to be essentially flat year-over-year. Gross profit is expected to be approximately 46.2% of sales for the fourth quarter versus 45.5% of sales for the fourth quarter of last year.
For the fiscal year ended March 2, 2013, total sales for the 53-week period increased 11.2% to $1.705 billion from $1.534 billion last fiscal year. Comparable store sales for fiscal 2013 on a 52-week basis increased 7.5% versus an increase of 9.5% last fiscal year.
Earnings per share for the fourth quarter of fiscal 2013 are expected to be approximately $0.57-$0.58 (GAAP) and $0.59-$0.60 (non-GAAP) on a 14-week basis compared to $1.04 (GAAP) and $0.48 (non-GAAP) in the fourth quarter of last year on a 13-week basis (see reconciliation below under Financial Disclosure Advisory).
Alex W. Smith, President and Chief Executive Officer, commented, “Our 2013 fiscal year ended strongly, with another quarter of significant growth in sales and earnings. Our talented and dedicated associates continue to do an outstanding job of executing our robust operating and growth strategies.”
Smith continued, “We are confident that fiscal 2014 will be another terrific year as we continue our evolution into a true multi-channel retailer, exploiting the growth potential in our two mutually supportive and interdependent businesses – our wonderful Pier 1 Imports stores and our new, two quarters-old e-Commerce business.”
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