Proactiveinvestors USA & Canada Pier 1 Imports https://www.proactiveinvestors.com Proactiveinvestors USA & Canada Pier 1 Imports RSS feed en Mon, 25 Mar 2019 21:06:14 -0400 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Pier 1 hires debt restructuring lawyers, says Reuters; shares plummet ]]> https://www.proactiveinvestors.com/companies/news/216507/pier-1-hires-debt-restructuring-lawyers-says-reuters-shares-plummet-216507.html Pier 1 Imports (NYSE:PIR) has hired debt restructuring lawyers as the company gears up for negotiations with lenders, Reuters reported Thursday. The home-furnishings retail chain had about $200 million in long-term debt as of December, which will begin to come due in 2021.

The company tapped Kirkland & Ellis LLP and continues to meet with investment bankers as it pursues strategic alternatives.

The share price was under water Thursday afternoon, falling more than 30% to $0.77.

The Fort Worth-based company’s $200 million loan is trading at $0.50 on the dollar, according to data from Refinitiv.

Pier 1’s lenders have taken note and lawyered up themselves, signaling coming negotiations between the two parties.

Despite this, filing for bankruptcy seems unlikely, given the company had $71 million in cash as of December as well as $400 million from a revolving credit line, according to a Reuters' source cited in its story.

The retailer has roughly 987 stores in the US and Canada and employed roughly 18,500 people as of March of last year.

Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com

Follow him on Twitter @andrew_kessel

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Thu, 14 Mar 2019 14:45:00 -0400 https://www.proactiveinvestors.com/companies/news/216507/pier-1-hires-debt-restructuring-lawyers-says-reuters-shares-plummet-216507.html
<![CDATA[News - Pier 1 Imports reports miss on 2Q earnings and revenue; shares tumble in after hours trade ]]> https://www.proactiveinvestors.com/companies/news/206335/pier-1-imports-reports-miss-on-2q-earnings-and-revenue-shares-tumble-in-after-hours-trade-206335.html Retailer Pier 1 Imports Inc (NYSE:PIR) reported on Wednesday a miss in both fiscal 2019 second quarter earnings and revenue, causing shares to tumble sharply in after-hours trade. 

The company said revenues came in at $355.3 million, down from $407.61 million in the year-ago quarter and the consensus expectation of $360.29 million. Earnings per share reported a loss of US$0.63, larger than the consensus of a loss of US$0.61 and sharply up from the year-ago loss of US$0.05.

Net loss for the second quarter of fiscal 2019 totaled $51.1 million, six-fold higher than the net loss of $7.8 million a year ago. Gross profit for the second quarter of fiscal 2019 totaled $93.5 million, or 26.3% of net sales, compared to $140.2 million, or 34.4% of net sales, for the second quarter of fiscal 2018.

Shares of Pier 1 fell 7.8% to $1.42 in after-hours, having closed 2.67% higher at $1.54 on Wednesday.

READ: Pier 1 fiscal 4Q results disappoint across the board; shares fall

"Our second quarter financial results reflect execution challenges around our August brand re-launch and our ‘New Day’ strategic plan initiatives taking longer than expected to gain traction," said Pier 1 president and CEO Alasdair James.

Net sales for the 26 weeks ended September 1, 2018, were $727.2 million, down 11.0% from the same period in fiscal 2018, the company said.

The company operated 989 stores at the end of the second quarter of fiscal 2019, a decrease of 23 from the second quarter of fiscal 2018. 

Pier 1 is a retailer specializing in imported home furnishings and decor, particularly furniture, table-top items, decorative accessories, and seasonal decor.

The company is based in Fort Worth, Texas.

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Wed, 03 Oct 2018 16:43:00 -0400 https://www.proactiveinvestors.com/companies/news/206335/pier-1-imports-reports-miss-on-2q-earnings-and-revenue-shares-tumble-in-after-hours-trade-206335.html
<![CDATA[News - Small-Cap Movers: ChannelAdivsor, Rigel lead gainers; Pier 1, Ichor among decliners ]]> https://www.proactiveinvestors.com/companies/news/195407/small-cap-movers-channeladivsor-rigel-lead-gainers-pier-1-ichor-among-decliners-195407.html The Russell 2000 Index of small-capitalization stocks was little changed at 1,575.13 at 2:58 p.m.

Here are some of the biggest movers on the index today:

GAINERS

ChannelAdvisor Corp. (NYSE:ECOM) said preliminary first quarter revenue is expected to be about US$31.2mln, or US$1.4 million above the high end of the previous forecast range of US$29.4 million to US$29.8 million. The share gained 21% to US$11.25 at 2:58 p.m.

Rigel Pharmaceuticals Inc. (NASDAQ:RIGL) said it intends to offer and sell as many as 15 million shares of its common stock in an underwritten public offering. The shares climbed 8.6% to US$4.22.

Adams Pharmaceuticals Inc. (NASDAQ:ADMS) said the company’s two-year Phase 3 open-label study of its Gocovri treatment of dyskinesia in patients with Parkinson's disease was generally well tolerated and the treatment effect on motor complications was maintained for up to two years. The stock rose 7% to US$27.65.

Umpqua Holdings Corp. (NASDAQ:UMPQ) reported profit of US$77.7mln for the first quarter of 2018, compared with US$46.0 million in the year-earlier period. The shares climbed 6.3% to US$23.02.

DECLINERS

Pier 1 Imports Inc. (NYSE:PIR)  posted fiscal fourth-quarter sales that missed analysts' expectations and said it would cease its dividend payouts. The stock fell 20% to US$2.78.

Sleep Number Corp. (NASDAQ:SNBR) said sales and earnings per diluted share both declined in the first quarter from the year-earlier period. The stock slipped 14% to US$14.35.

Ichor Holdings Ltd. (NASDAQ:ICHR) said yesterday that its wholly-owned subsidiary, Ichor Systems Korea. Ltd., has entered into a stock purchase agreement for the acquisition of IAN Engineering Co., Ltd. The shares declined 9.7% to US$21.86.

 

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Thu, 19 Apr 2018 15:29:00 -0400 https://www.proactiveinvestors.com/companies/news/195407/small-cap-movers-channeladivsor-rigel-lead-gainers-pier-1-ichor-among-decliners-195407.html
<![CDATA[News - Pier 1 fiscal 4Q results disappoint across the board; shares fall ]]> https://www.proactiveinvestors.com/companies/news/195374/pier-1-fiscal-4q-results-disappoint-across-the-board-shares-fall-195374.html Shares of Pier 1 Imports Inc. (NYSE: PIR) plunged on Thursday after a sharp decline in same-store sales contributed to a fiscal fourth-quarter earnings miss, prompting the specialty retailer to halt dividend payments in order to improve its balance sheet.

The stock fell 17.4% to US$2.86 in pre-market trade.

Pier 1 said on Wednesday evening that it earned US$15 mln, or US$0.19 a share, in the fourth quarter, compared with $27mln, or US$0.33 cents a share, in the year-ago period. 

The Earnings Whisper number was calling for Pier 1 to bring in adjusted earnings of US$0.20 per share.

The company’s comparable-store sales also fell by 7.5%, which was much steeper than analysts’ expectations of a 2.7% drop.

Pier 1 said that stopping its dividend program “will enable the company to allocate greater resources toward implementing its three-year strategic plan to drive sales and earnings growth and increase shareholder value.”

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Thu, 19 Apr 2018 08:16:00 -0400 https://www.proactiveinvestors.com/companies/news/195374/pier-1-fiscal-4q-results-disappoint-across-the-board-shares-fall-195374.html
<![CDATA[News - Pier 1 Imports shares slump further after slashing quarterly and full year guidance ]]> https://www.proactiveinvestors.com/companies/news/188809/pier-1-imports-shares-slump-further-after-slashing-quarterly-and-full-year-guidance-188809.html Pier 1 Imports Inc (NYSE:PIR) shares slumped further in premarket deals after falling more than 20% late Wednesday on news that it was cutting its fiscal 2018 fourth quarter and full year 2018 guidance. And it closed Thursday nearly 30% down.

That was not the only bad news. The company’s third quarter failed to impress the market, missing per share earnings expectations after it was hit by the storms.

Third quarter numbers disappoint

In the quarter, the company earned US$7.4mln, or 9 US cents a share, compared with US$13.6mln, or 17 US cents a share, a year ago.

Sales dipped to US$469mln from US$476mln previously.

The market had pencilled in earnings of 12 US cents a share on sales of US$467mln.

Pier 1 also slashed its EPS guidance for the full year to 10 US cents and 18 US cents, from the previous guidance of between 31 US cents and 41 US cents.

Adjusted earnings per share guidance was also lowered to between 17 US cents and 25 US cents, compared to 38 US cents to 48 US cents guided previously.

Three year strategic plan

“We are building a three-year strategic plan to transform the business, and are beginning to set things in motion,” chief executive Alasdair James said in a statement.

A detailed plan to lift the brand will be unveiled early next year, the home furnishings retailer added.

In premarket, its shares dipped 26.71% at US$5.84.  The firm closed Thursday down almost 30% to US$4.12.

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Thu, 14 Dec 2017 08:31:00 -0500 https://www.proactiveinvestors.com/companies/news/188809/pier-1-imports-shares-slump-further-after-slashing-quarterly-and-full-year-guidance-188809.html
<![CDATA[News - Pier 1 Imports shares surge as it smashes expectation ]]> https://www.proactiveinvestors.com/companies/news/170552/pier-1-imports-shares-surge-as-it-smashes-expectation-170552.html Pier 1 Imports Inc’s (NYSE:PIR) stock was up by more than a third this morning after the furniture importer and retailer smashed expectations with its third quarter performance.

The Texas-based outfit reported third quarter adjusted earnings per share (EPS) of US$0.22, 10 cents better than the analyst estimate of US$0.12.

Revenue also beat Wall Street expectations, coming in at US$476mln versus the consensus of US$466mln.

Shares were up by 35% to US$8.72 on the back of the results.

Online sales, which have been a key target area for the firm’s management, saw a year-on-year rise of 28% to US$97.4mln.

E-commerce sales now account for 20% of overall sales, a pretty high figure considering Pier 1 is generally a bricks and mortar chain.

“Sales trends rebounded in the second half of November following the election, which enabled us to deliver third quarter results well ahead of our forecast,” said President and chief executive Alex Smith.

“We have a great deal of confidence in our brand positioning and long-term financial outlook.”

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Thu, 15 Dec 2016 10:39:00 -0500 https://www.proactiveinvestors.com/companies/news/170552/pier-1-imports-shares-surge-as-it-smashes-expectation-170552.html
<![CDATA[News - Pier 1 tops views, increases dividend 25%  ]]> https://www.proactiveinvestors.com/companies/news/91919/pier-1-tops-views-increases-dividend-25-38584.html Pier 1 Imports (NYSE:PIR) Thursday said profits edged up and revenues increased, helped by a 7.9 –per-cent jump in same store sales, and also increased its dividend.

The company also raised its full-year earnings per share (EPS) guidance to $1.17 to $1.21 from its previous view of $1.10 to $1.16. Analysts are calling for earnings of $1.17 per share.

Pier 1 also declared a quarterly cash dividend of five cents per share, reflecting a 25-per-cent increase from its previous dividend, to be paid on January 30, 2013 to shareholders of record on January 16, 2013. 

The global importer of decorative home furnishings and gifts said that for the quarter that ended November 24, net income came in at $23.7 million or 22 cents per share, compared to $23 million or 21 cents per share a year earlier.

Adjusted net income, which excludes the estimated impact of Hurricane Sandy, was $27.1 million or 25 cents per share per share.

Total revenue stood at $424.5 million, an increase of 10.9 per cent over $382.7 million in the year-ago quarter. 

Comparable store sales increased 7.9 per cent during quarter, helped mostly by increases in store traffic and higher average ticket, the company noted.

Analysts polled by Thomson Reuters expected per share earnings of 24 cents on revenues of $418.49 million.

“Our third quarter results represent the 13th consecutive period of growth in comparable store sales and earnings per share,” said president and CEO Alex W. Smith. 

“This marks the company’s first full quarter of e-Commerce sales and we’re pleased with the initial results, as the level of both new and existing customer visits indicates the long-term opportunity is significant. 

“Indeed, we saw very strong traffic at both our stores and Pier1.com during the period, and trends have remained robust thus far in the holiday selling season.”

Gross profit increased to 43.9 per cent from 43.2 per cent a year earlier.

As of the end of the quarter, Pier 1 said it remained in “strong financial condition”, with $120.8 million of cash and equivalents. 

Inventory totaled $417.5 million, up 13.5 per cent versus the year-ago period, mostly due to additional inventory for the its new e-Commerce business and slightly larger purchases of merchandise in select categories, including seasonal goods, to support higher sales. 

On Thursday, Pier 1 said its board has authorized a new $100 million share buyback program, effective immediately. 

Looking ahead, the company expects fourth quarter comparable store sales growth in the mid single-digit range, while non-adjusted earnings per share are projected to be in the range of 55 to 59 cents.

Adjusted earnings are anticipated between 57 to 61 cents. Analysts expect a profit of 58 cents.

Shares of the company were up 0.84 per cent as at about 12:30 p.m. EDT, trading at $19.24.

 

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Thu, 13 Dec 2012 12:34:00 -0500 https://www.proactiveinvestors.com/companies/news/91919/pier-1-tops-views-increases-dividend-25-38584.html
<![CDATA[News - Pier 1's Q2 net profit jumps 58% ]]> https://www.proactiveinvestors.com/companies/news/89542/pier-1s-q2-net-profit-jumps-58--34673.html  

Pier 1 Imports (NYSE:PIR) Thursday posted a 58 per cent jump in second-quarter earnings as the home furnishings retailer saw results boosted by strong sales growth and helped by an income tax benefit.

The company also raised its full-year earnings guidance from $1.10 to $1.16 from its previous view of earnings between $1.08 and $1.14.

Pier 1 Imports is the original global importer of imported decorative home furnishings and gifts.

For the quarter ended August 25, Pier 1 posted a profit of $26.2 million, or 24 cents per share, compared with $16.6 million, or 14 cents a year earlier. Stripping out one-time items, per-share earnings for the quarter were 19 cents.

Revenue increased 8.3 per cent to $368 million.

Earnings and revenue were both in line with the home-furnishings retailer's estimates.

"The combination of our strong operating results and solid financial condition provide us with the flexibility to continue executing our three-year growth plan," Pier 1's CEO Alex W. Smith said. 

"We're building our e-commerce platform, further improving the store portfolio, strengthening our infrastructure and returning value to our shareholders."

Comparable-store sales increased 6.7 per cent versus last year’s increase of 10.8 per cent.

Pier 1 has made a turnaround since the recession, when it struggled with declining sales and lost market share to discount retailers. Lately, Pier 1's recovery has gained momentum on higher traffic, increasing same-store sales and higher average receipt per customer as it remodeled stores and streamlined merchandise.

In April Pier 1 refreshed its growth plan with a new three-year guide, having outgrown its previous road map two years early. Similar to the company's previous strategy, the plan focuses on increasing online sales as well as building new stores and remodeling existing locations.

Gross profit for the quarter improved to $151.5 million, or 41.2 per cent of sales, from $134.5 million, or 39.6 per cent of sales in the second quarter of last year.

 

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Thu, 13 Sep 2012 07:49:00 -0400 https://www.proactiveinvestors.com/companies/news/89542/pier-1s-q2-net-profit-jumps-58--34673.html
<![CDATA[News - Pier 1 Imports Q1 profit rises on sales growth ]]> https://www.proactiveinvestors.com/companies/news/87032/pier-1-imports-q1-profit-rises-on-sales-growth-30509.html Pier 1 Imports, Inc. (NYSE:PIR) said fiscal first quarter 2013 earnings rose amid sales growth as average ticket size rose and more shoppers visited their stores.

Earnings rose to $17.8 million, or 16 cents per share. This is up from the year-ago profit of $14.1 million or 12 cents per share. Total sales climbed 7.9 percent to $361.1 million from 334.6 million.

Analysts polled by Bloomberg had expected per-share profit of 16 cents, on $359 million in revenue.

In early morning trade, Pier 1’s share price rose by 32 cents, or 2.05 percent, climbing to $15.90 each on the New York Stock Exchange.

"We’re pleased with the strong sales and earnings performance we achieved this quarter, as well as the continued expansion of our operating margin," Pier 1 chief executive Alex W. Smith said in a statement.

"The results demonstrate the effectiveness of our merchandising strategies and in-store execution, as well as strong full-price selling."

Same-store sales grew by 7.2 percent. This is considered to be a key metric to gauge a retailer’s health because it excludes sales from stores recently opened or closed during the year.

For the period, inventory totalled $333.5 million and was in line with expectations, the company said in a release.

Capital expenditures reached $12.2 million, which were used for new store openings, store fixtures and to improve infrastructure and technology development including the Pier 1’s new e-commerce website. Gross margin edged up by 150 basis points to 41.6 percent from 40.1 percent.

For full-year, the specialty retailer raised its per-share earnings guidance. It now expects to earn roughly $1.08 to $1.14 up from its prior prediction of $1.06 to $1.12.

At established stores, the company expects sales to grow in the mid single-digit range. Capital costs are slated to be around $70 to $75 million.

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Thu, 14 Jun 2012 10:17:00 -0400 https://www.proactiveinvestors.com/companies/news/87032/pier-1-imports-q1-profit-rises-on-sales-growth-30509.html
<![CDATA[News - Pier 1 Q4 profit soars, increases three-year growth goals ]]> https://www.proactiveinvestors.com/companies/news/85140/pier-1-q4-profit-soars-increases-three-year-growth-goals-27399.html Pier 1 Imports (NYSE:PIR) said Thursday it had more than doubled its fourth quarter profit with more shoppers visiting its stores and a one-time tax benefit that boosted its net earnings.

For the quarter ended February 25, 2012, the company posted a net income of $115.2 million, or $1.04 per share, up sharply from $57.1 million, or 48 cents per share, a year earlier.

Taking out the one-time tax benefit of about $33.8 million, earnings per share were 48 cents for the fourth quarter, matching the expectations of analysts polled by FactSet.

Pier 1 said revenues for the fourth quarter were $476.8 million, an 11.8 percent increase from $426.6 million in the year-ago quarter, beating analysts’ estimates of $469.9 million.

Same-store sales grew 10.3 percent during the fourth quarter compared to last year’s comparable store sales increase of 8.9 percent for the same.

"The enhancements we’ve made across the store portfolio – along with improvements to merchandising, in-store presentation and service – are resonating with customers and driving increased traffic and sales," Pier 1's president and CEO Alex Smith said.

"Indeed, we achieved a total sales increase of 9.8 percent in fiscal 2012 and a comp store sales increase of 9.5 percent on top of last year’s comp store gain of 10.9 percent. At the same time, we delivered strong profitability and returned value to our shareholders through our share repurchase program.”

Merchandise margins for the quarter were 59.5 percent of sales compared to 58.4 percent of sales in the same period last year. The company said merchandise margins continue to be positively impacted by strong input margins, the right balance between regular and promotional pricing, and well-managed inventory levels.

Smith said the company is preparing for the next phase of its growth as it gets ready to launch its e-Commerce site, “Pier 1 To-You”.

The retailer expects online sales will contribute at least 10 percent of total revenue by fiscal 2016.

"We are pleased with the traction we have gained thus far with our ‘Pier 1 To-Go’ initiative – customer response has been exceptional as evidenced by the increase in site traffic and sales contribution," Smith added.

"The business continues to be a strong cash flow generator, providing us with the resources and flexibility to invest in our stores, e-Commerce platform, and systems and technology development to ensure that we’re meeting the needs of the Pier 1 Imports customer as we transition into an industry-leading multi-channel retailer."

The company said it expects to record sales of $225 per retail square foot, up from $200 per retail square foot, by fiscal 2015. It also raised its operating margin goal for the three-year period to at least 12 percent, up from 10 percent.

Pier 1 anticipates fiscal 2013 earnings of $1.06 to $1.12 per share. The company said it foresees revenue at stores open at least a year rising by the mid-single digits.

Analysts predict earnings of $1.12 per share.

Pier 1 said it plans to fully remodel about six to eight stores in fiscal 2013 and refurbish about 100 existing stores. It anticipates opening about 20 new stores during the fiscal year compared with 15 new stores in fiscal 2012.

The company added that it is still on pace to open approximately 80 to 100 new stores and close about 30 to 50 existing locations by fiscal 2016's end.

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Thu, 05 Apr 2012 13:03:00 -0400 https://www.proactiveinvestors.com/companies/news/85140/pier-1-q4-profit-soars-increases-three-year-growth-goals-27399.html
<![CDATA[News - Pier 1 says Q3 total sales up 8.2% ]]> https://www.proactiveinvestors.com/companies/news/81870/pier-1-says-q3-total-sales-up-82-21912.html Pier 1 Imports (NYSE:PIR) posted third-quarter sales that beat analyst expectations, moving the retailer of imported furniture and home goods to increase its earnings forecast for the quarter.

For the quarter ended November 26, total sales grew 8.2 percent to $383 million, beating the $379 million expected by analysts according to Thomson Reuters.

Same-store sales grew 7 percent, reflecting increases in traffic and average selling prices. The company said same-store sales during Thanksgiving weekend grew 10 percent from a year earlier.

Pier 1's president and CEO Alex Smith said: "We are very pleased with our third quarter. Our strong assortments and the right balance between regular and promotional pricing drove strong sales and merchandise margin growth."

Due to strong sales and merchandise margin growth, the company said it now expects earnings of 20 cents to 21 cents per share for the third quarter, up from the 18 cent estimate predicted earlier this month.

The company continues to benefit from a restructuring that brought it back from the brink of bankruptcy during the recession. A three-year growth plan unveiled earlier this year involves an outlay of $200 million to build new stores, renovate current locations and boost Internet sales.

Pier 1 will report its full quarterly financial results on December 15.

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Thu, 01 Dec 2011 11:46:00 -0500 https://www.proactiveinvestors.com/companies/news/81870/pier-1-says-q3-total-sales-up-82-21912.html
<![CDATA[News - Pier 1 Imports posts 10% hike in Q2 sales ]]> https://www.proactiveinvestors.com/companies/news/79853/pier-1-imports-posts-10-hike-in-q2-sales-18427.html Pier 1 Imports (NYSE:PIR) announced Thursday its second quarter sales rose 10% from a year ago, largely on higher traffic in stores.

For the three months ending August 27, the decorative home furnishings retailer posted net income of $16.6 million, or $0.14 per share, including an income tax provision of $9.0 million, up 16% compared to $14.4 million, or $0.12 per share, a year ago, which included a $200,000 provision for income tax.

Sales during the quarter rose 10% to $339.6 million, from $309.9 million in the same period last year. Pier 1 said its sales increase was attributable to higher in-store traffic and higher average ticket, or how much customers spent in a single visit.

Analysts were anticipating the 14-cents in earnings, but had expected $335.0 million in sales.

Comparable store sales, or those locations open at least one year, increased 10.8% during the quarter, compared to an 11.2% increase a year ago.

Gross profit margins improved to 39.6%, from 36.9% in the second quarter of 2010.

President and CEO, Alex W. Smith commented: "Sales growth remains strong, and we continue to demonstrate the strength and sustainability of our business.

Our growth plan is firmly on track, and we have returned value to our shareholders through the completion of our $100 million share repurchase program."

Indeed, the company completed the $100 million repurchase earlier this month. During this second quarter, Pier 1 purchased a total of approximately 8.26 million shares at an average weighted cost of $10.42 per share, for a total cost of $86.1 million.

Looking forward, Smith added: "It is hard to predict how the economy will fare over the next several months, but we fully expect our business to be successful through the fall and holiday selling season."

In New York, Pier 1 shares slipped 2.57% to $11.37 as of 11:35 am EDT.

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Thu, 15 Sep 2011 11:59:00 -0400 https://www.proactiveinvestors.com/companies/news/79853/pier-1-imports-posts-10-hike-in-q2-sales-18427.html
<![CDATA[News - Pier 1 Imports beats Q2 profit estimates on strong sales ]]> https://www.proactiveinvestors.com/companies/news/72080/pier-1-imports-beats-q2-profit-estimates-on-strong-sales-8468.html Pier 1 Imports (NYSE:PIR), a retailer of home products from accent tables to kitchenware, has beat analyst estimates on profits for the second quarter of its fiscal year due to strong sales growth.

Net income for the quarter ending August 28, 2010 was $14.4 million, or $0.12 per share, compared to a loss of $15.8 million, or $0.17 per share for the same period last year.

According to Thomson Reuters, analysts were expecting profits of $0.11 per share.

This was the fourth consecutive quarterly profit after years of losses due to tightening of consumer spending and the housing downturn.

The company achieved comparable store sales growth of 11.2% for the second quarter, versus last year's decline of 7.6%.

Total sales for the current period were $309.9 million, an 8.1% increase from the year-ago quarter.

The period is also the first time the company has reported a second quarter operating income in six years. Operating income totaled $15.2 million, compared to an operating loss of $15.3 million last year, due to tightening of expenses and an improvement in sales and margins.

"Our return to profitability and beyond is firmly on track - we are all extremely upbeat about short and long-term prospects for our company," said president and CEO Alex W. Smith.

Pier 1 has worked to improve its financial results over the last year, decreasing clearance sales, reducing costs and managing inventory levels to keep in line with consumer demand.

As a result, merchandise margins for the quarter were 58.3% of sales, compared to 52.0% of sales for the same period last year.

The US home goods retailer managed to reduce store occupancy costs by negotiating rents with landlords.

The company ended the quarter with $187.6 million of cash and $26.0 million of debt.

Pier 1 was up more than 6% in the first hour of trading on Thursday, reaching $8.5 at 10:00am ET on the New York Stock Exchange.

In September last year, the company was trading around levels of $2.7.

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Thu, 16 Sep 2010 15:02:00 -0400 https://www.proactiveinvestors.com/companies/news/72080/pier-1-imports-beats-q2-profit-estimates-on-strong-sales-8468.html
<![CDATA[News - Pier 1 Imports Rallies 14% As Q2 Earnings Guidance Exceed Analyst Estimates ]]> https://www.proactiveinvestors.com/companies/news/69355/pier-1-imports-rallies-14-as-q2-earnings-guidance-exceed-analyst-estimates--8116.html Pier 1 Imports (NYSE:PIR), a retailer of decorative home furnishings, announced that second quarter sales increased 8% year-over year to US$310 million, in line with analyst estimates, on strong merchandise margins and more store traffic. 


Merchandise margins are expected to be approximately 58% of sales. 


Comparable store sales for the second quarter improved significantly, increasing 11.2% compared to a decline of 7.6% for the same period a year ago.


 For the first half of the year, total sales increased 8% year-over-year to $616 million.  Comparable store sales for the same period increased 12.7%. 


In a previous announcement, the company said that it will release second quarter earnings on Thursday, September 16.  Second quarter earnings are expected to be in the range of $0.10 to $0.20 per share, exceeding analyst estimates of 8 cents per share.


The company’s share price rallied 14% to trade at $7.48 as of 1:43 pm ET.


 Pier 1 Imports sell a variety of furniture, dining and kitchen goods, bath and bedding accessories, and other specialty items for the home. At the end of February, there were 973 Pier 1 Imports stores in the United States and 81 Pier 1 Imports stores in Canada. The company also sells its merchandise through Grupo Sanborns, a large Mexico-based retailer, and Sears Puerto Rico.

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Thu, 02 Sep 2010 18:51:00 -0400 https://www.proactiveinvestors.com/companies/news/69355/pier-1-imports-rallies-14-as-q2-earnings-guidance-exceed-analyst-estimates--8116.html