Pier 1 Imports stock was down on Thursday following the release of its earnings report for its fiscal second quarter of 2019.
During its fiscal second quarter of the year, Pier 1 Imports (NYSE:PIR) reported losses per share of 63 cents. This is down from the company’s losses per share of 5 cents from the same period of the year prior. It was also bad news for Pier 1 Imports stock by coming in below Wall Street’s losses per share estimate of 61 cents for the quarter.
Pier 1 Imports’ earnings report for its fiscal second quarter of 2019 also includes a net loss of $51.09 million. The home furnishings retailer reported a net loss of $7.82 million during its fiscal second quarter of 2018.
Operating loss reported by Pier 1 Imports for its fiscal second quarter of the year came in at $62.47 million. This is a drop from PIR’s operating loss of $11.34 million that was reported during the same time last year.
Pier 1 Imports also reported revenue of $355.34 million for its fiscal second quarter of 2019. This is a decrease from the company’s revenue of $407.61 million that was reported during its fiscal second quarter of the previous year. Unfortunately for Pier 1 Imports stock, analysts’ were expecting revenue of $361.00 million for the period.
Pier 1 Imports notes that its lower results for its fiscal second quarter of the year is partially due to it operating less stores. The company had 989 stores open during the quarter. This is a 23% drop from the amount of stores open in the same period of fiscal 2018.
PIR stock was down 1% as of Thursday afternoon and is down 63% year-to-date.
As of this writing, William White did not hold a position in any of the aforementioned securities.
