pier 1 imports
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.
Fiscal fourth-quarter net income for Pier 1 Imports surged 65 percent, buoyed by improving sales.
Pier 1 Imports saw revenue at stores rise 8.9 percent in the fourth quarter, helped in part by more customers.