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Pier 1 Imports shares surge as it smashes expectation

Revenues and earnings per share both came in well ahead of market expectations

pier 1 imports shop front
Pier 1 has more than 1,000 stores throughout the US, Canada, El Salvador and Mexico

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.”

Quick facts: Pier 1 Imports Inc

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NYSE:PIR
Market: NYSE
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