Pier 1 Imports Earnings: Here’s Why the Stock is Down Now
Pier 1 Imports Inc. (NYSE:PIR) delivered a profit and missed Wall Street’s expectations, AND came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company. Shares are down 7.42%.
Pier 1 Imports Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased 10.53% to $0.17 in the quarter versus EPS of $0.19 in the year-earlier quarter.
Revenue: Rose 7.61% to $395.6 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Pier 1 Imports Inc. reported adjusted EPS income of $0.17 per share. By that measure, the company missed the mean analyst estimate of $0.21. It missed the average revenue estimate of $404.64 million.
Quoting Management: “Our results for the period, our 15th consecutive quarter of significant sales and profit growth, reflect a solid quarter of execution,” stated Alex W. Smith, President and Chief Executive Officer. “The continued improvement of our gross profit speaks to the success of our merchandising strategies, both in-store and online, and reflects strong full-price selling during the period. We also leveraged expenses, enabling us to deliver operating margins of 8.4% and earnings per share growth of 19%.”
Key Stats (on next page)…