Pier 1 Stock Declines on Q1 Revenue Miss

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Pier 1 (NYSE:PIR) reported its latest quarterly results after the bell Wednesday, topping analysts’ expectations in its earnings, but missing the mark with its revenue.

pier 1The specialty retailer said that for its fiscal first quarter of 2019, it brought in an adjusted loss of 36 cents per share, or a net loss of $28.5 million overall. The figure came in well ahead of the Wall Street consensus estimate as analysts were calling for the company to post an adjusted loss of 40 cents per share, according to Zacks Investment Research.

On the revenue front, Pier 1 raked in sales of roughly $371.9 million, which was a miss as analysts were projecting the company to amass revenue of $376.8 million for the period. The figure was also 10.1% lower than it was during the year-ago period.

The company also experienced a comparable store sales decline of about 8.2% year-over-year. “We unveiled our three-year strategic plan in April 2018, at which point we laid out our expectations for the first quarter, full year fiscal 2019 and our overall three-year plan. Our first quarter performance was in line with those expectations,” said Alasdair James, President and CEO.

Pier 1 added that for its second quarter, it forecasts a net loss of $43 million to $47 million on a GAAP basis, roughly a loss of 54 cents to 58 cents per share. For the fiscal year, the company predicts a loss of 17 cents to 36 cents per share.

PIR stock fell more than 15% after the bell Wednesday following the company’s quarterly earnings results.


Article printed from InvestorPlace Media, https://investorplace.com/2018/06/pier-1-pir/.

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