CBS 11 Header TXA 21 Header MeTV Header KRLD Header The Fan Header

Local

Pier 1 Imports Cuts Outlook Due To Weather

View Comments
Pedestrians pass a Pier 1 Imports store on June 17, 2003 in Chicago, Illinois. (credit: Scott Olson/Getty Images)

Pedestrians pass a Pier 1 Imports store on June 17, 2003 in Chicago, Illinois. (credit: Scott Olson/Getty Images)

Get Breaking News First

Receive News, Politics, and Entertainment Headlines Each Morning.
Sign Up

From Our CBS Music Web Sites

kluvs super 70s weekend voting 1979 dl Pier 1 Imports Cuts Outlook Due To WeatherPick The Best Song From 1979

115245513 8 Pier 1 Imports Cuts Outlook Due To WeatherCrush Of The Day: Mila Kunis

80219448 Pier 1 Imports Cuts Outlook Due To WeatherViral Video: Hilarious Southwest Safety Announcement

155742164 Pier 1 Imports Cuts Outlook Due To WeatherPick Your Favorite Victoria Secret Model

Featured Items

Fantasy_tileHottest Olympians

pet_tileYour Pet Photos

weather_tileSend Us Your Weather Photos

FORT WORTH (AP) - Pier 1 Imports is reducing its fiscal fourth-quarter and full-year forecasts again, saying bad winter weather has caused customers to stay away from its stores.

The home decor company had initially lowered the outlooks in January. On Friday President and CEO Alex Smith said in statement that the retailer needed to trim its forecasts again because recent winter weather conditions led to some temporary store closings and “considerably” weaker store traffic.

“Our fourth-quarter results are frustrating and disappointing. However, we know the weather will eventually end and we can get back to more typical business trends,” he said.

Pier 1 Imports Inc. now anticipates fourth-quarter earnings between 40 cents and 41 cents per share. Revenue is projected in a range of about $512 million to $514 million. Its prior guidance was for earnings of 47 cents to 52 cents per share. The company previously predicted revenue would increase by a low- to mid-single digit percentage rate.

For the full year, Pier 1 now expects earnings of $1 to $1.01 per share, down from its prior guidance of $1.07 to $1.12 per share. Revenue is predicted to climb about 5.5 percent. The company previously anticipated revenue would rise by a mid- to high-single digit percentage rate.

Analysts surveyed by FactSet expect fourth-quarter earnings of 50 cents per share and full-year earnings of $1.10 per share.

Pier 1, based in Fort Worth, Texas, will report its fourth-quarter and full-year results on April 10.

Its shares finished at $20.06 per share on Thursday. Its shares are down more than 10 percent since a year ago.

Latest News:

Top Trending:

View Comments