logo-loader
viewPier 1 Imports Inc

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

A sharp decline in same-store sales contributed to a fiscal fourth-quarter earnings miss

A Pier 1 storefront
Share of the specialty retailer were down about 17.4% in premarket trade

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.”

Quick facts: Pier 1 Imports Inc

Price: - -

NYSE:PIR
Market: NYSE
Market Cap: -
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Arizona Silver Exploration will be going back to Philadelphia after drilling...

Arizona Silver Exploration (TSXV: AZS) (OTCQB: AZASF) VP of Exploration Greg Hahn joined Steve Darling from Proactive with some results from the company’s drill program at their Philadelphia project. Hahn discusses the next step the company is planning. Hahn also told Proactive they are...

9 hours, 57 minutes ago

2 min read