pier 1 imports
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.
Sales at Pier 1 Imports stores open at least one year rose 1.3 percent for the five weeks ending January 4, but the figure dropped when accounting for a calendar shift.
Pier 1 Imports’ fiscal second-quarter profit dropped 32 percent, missing expectations and sending its shares sharply lower in premarket trading Thursday. The Fort Worth, Texas company cut its fiscal 2014 earnings forecast.
Pier 1 Imports’ fiscal fourth-quarter revenue topped Wall Street’s view but the home decor company provided a forecast for adjusted earnings that was slightly below analysts’ estimates.
Pier 1 Imports revenue at stores open at least a year climbed 8.2 percent in December, driven by strong traffic and shoppers spending more per transaction.
More people shopped at Pier 1 Imports and they spent more on average, driving the home decor company’s fiscal second-quarter net income 58 percent higher.
Pier 1 Imports has forecast its fiscal second-quarter adjusted earnings and revenue at levels above Wall Street’s expectations.
Pier 1 Imports also announced on Thursday that it will launch a Pier 1 To-You website, which allows customers to shop online, in late July.
Pier 1 Imports reported fiscal fourth-quarter revenue that beat Wall Street’s expectations, while revenue at stores open at least a year rose 10.3 percent.
Pier 1 Imports plans to buy back up to $100 million of its common stock. The company said it had about 109.6 million outstanding shares.
Pier 1 Imports’ fiscal first-quarter profit nearly doubled as it continued to see strong merchandise margins, better sales and clamp down on costs.
Pier 1 Imports Inc. said Thursday that revenue at stores open at least a year rose 10.2 percent in the first quarter.