Pier 1 Imports stock is on a nosedive today following the release of preliminary results for its fiscal second quarter of 2019.
Pier 1 Imports (NYSE:PIR) notes in its preliminary results for its fiscal second quarter of the year that losses per share will range from 64 cents to 62 cents. This is not be good news for Pier 1 Imports as Wall Street is looking for the company to report losses per share of 56 cents for the quarter.
More bad news for Pier 1 Imports stock is the company’s expectations for comparable sales in its fiscal second quarter of 2019. According to the company, it is expecting comparable sales for the period to decline $11.4% when compared to its fiscal second quarter of 2018.
The bad news for Pier 1 Imports stock doesn’t stop there. The company also says that it is expecting to have $117 million in cash and cash equivalents at the end of the quarter. It notes that this is without short-term borrowing from its $350 million revolving credit facility.
Pier 1 Imports President and CEO Alasdair James has this to say about the preliminary results.
We are disappointed in our results for the second quarter, which primarily reflect execution challenges as we prepared for and implemented our August brand re-launch. We are in the very early stages of the multi-year ‘New Day’ strategic plan we announced in April, and while we remain confident that our plan is the right course for Pier 1, it is now clear that our initiatives are taking longer than expected to gain traction.
PIR stock was down 22% as of Friday afternoon and is down 57% year-to-date.
As of this writing, William White did not hold a position in any of the aforementioned securities.
