Pier 1 (NYSE:PIR) earnings for the furniture retailer’s second quarter of fiscal 2020 has PRI stock falling after hours Wednesday. There’s really not much good here for PIR stock with a per-share loss of -$24.29 on revenue of $304.59 million. These both fall way short of Wall Street’s losses per share and revenue estimate of -$15.88 and $315.20 million for the period.
Moving on we can see what else went wrong in most recent the Pier 1 earnings report.
- That includes the company’s per-share losses for the quarter being down almost 93% YoY.
- PIR also saw its revenue for the quarter decrease by 14.30% from the $355.34 million reported during the same time last year.
- Comparable sales reported in the Pier 1 earnings report for its second quarter of fiscal 2020 were down by 12.60% from last year.
- The Pier 1 earnings report also has operating loss coming in at -$93.06 million.
- That’s a 49% greater operating loss than the $62.47 million from the same period of the year prior.
- A net loss of -$100.55 million for the quarter is roughly 97% wider than its net loss of -$51.09 million in the second quarter of fiscal 2019.
Cheryl Bachelder, the interim CEO of PIR, has this to say about the Pier 1 earnings report.
“As we expected, sales and margins remained under pressure in the second quarter. We exited non-go-forward products through aggressive clearance actions, which was the primary driver of our net loss in the quarter. However, the strategic decision to clear through goods paved the way for our merchandise and marketing reset this fall.”
PIR stock was down 13% in after-hours trading on Wednesday.
As of this writing, William White did not hold a position in any of the aforementioned securities.