Free Post Earnings Research Report: Pier 1 Reported Better Than Expected Earnings

LONDON, UK / ACCESSWIRE / July 16, 2018 / If you want access to our free earnings report on Pier 1 Imports, Inc. (NYSE: PIR) ("Pier 1"), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=PIR. The Company reported its first quarter fiscal 2019 operating and financial results on June 27, 2018. The home decor Company provided guidance for the upcoming quarter and fiscal year. Register today and get access to over 1,000 Free Research Reports by joining our site below:

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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Pier 1 Imports most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:

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Earnings Highlights and Summary

For the quarter ended June 02, 2018, Pier 1's net sales fell 9.2% to $371.9 million compared to $409.5 million in Q1 FY18. The Company's comparable sales decreased 8.2% compared to the year ago same period. Pier 1's revenue numbers lagged analysts' estimates of $376.8 million.

Pier 1 reported a gross profit of $120.1 million, or 32.3% of net sales, in Q1 FY19 compared to $151.6 million, or 37.0% of net sales, in Q1 FY18. The pressure on the Company's gross margin rate reflected a lower merchandise margin, as well as deleverage on occupancy costs of 170 basis points (bps), due to the lower sales base.

For Q1 FY19, Pier 1's selling, general, and administrative expenses (SG&A) were $138.6 million, or 37.3% of net sales, compared to $140.2 million, or 34.2% of net sales, in Q1 FY18.

During Q1 FY19, Pier 1 reported an operating loss of $31.3 million compared to an operating loss of $2.3 million in Q1 FY18. The Company's earnings before interest, tax, depreciation, and amortization (EBITDA) was negative $18.7 million in the reported quarter versus $11.6 million in the prior year's comparable quarter.

For Q1 FY19, Pier 1's net loss totaled $28.5 million, or $0.36 loss per share, compared to a net loss of $3.0 million, or $0.04 loss per share, in Q1 FY18. The Company's earnings numbers were better than Wall Street's estimates for a loss of $0.40 per share.

Pier 1 operated 997 stores at the end of Q1 FY18, reflecting a decrease of 19 stores from Q1 FY18.

Balance Sheet Highlights

As of June 02, 2018, Pier 1 had $156.8 million of cash and cash equivalents; $192.5 million outstanding under its senior secured term loan; and no working capital borrowings outstanding under its $350 million secured revolving credit facility. The Company's inventories decreased 21.2% to $329.7 million at the close of Q1 FY19 compared to $418.4 million in Q1 FY18.

Outlook

For the second quarter of the fiscal year 2019, Pier 1 is forecasting comparable sales down 6% to 7%; net loss in the range of $43 million to $47 million; EBITDA in the band of negative $36 million to $40 million; and net loss per share of between $0.54 and $0.58.

For the full fiscal year 2019, Pier 1 is projecting comparable sales growth of 1.5% to 2.5%; net loss in the range of $14 million to $29 million; EBITDA in the band of positive $30 million to $50 million; and net loss per share of between $0.17 and $0.36.

Stock Performance Snapshot

July 13, 2018 - At Friday's closing bell, Pier 1 Imports' stock marginally advanced 0.90%, ending the trading session at $2.23.

Volume traded for the day: 1.02 million shares.

After last Friday's close, Pier 1 Imports' market cap was at $192.49 million.

The stock is part of the Services sector, categorized under the Specialty Retail, Other industry. This sector was up 0.3% at the end of the session.

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