Pier 1 Imports Inc (NYSE:PIR) stock took a nosedive following the release of its earnings report for its fiscal third quarter of 2018.
Source: Mike Mozart via Flickr
During its fiscal third quarter of 2018, Pier 1 Imports Inc reported earnings per share of 9 cents. This is down from its earnings per share of 22 cents from the same time last year. It also wasn’t good news for PIR stock by coming in below Wall Street’s earnings per share estimate of 11 cents for the quarter.
Operating income reported by Pier 1 Imports Inc for its fiscal third quarter of the year was $13.45 million. This is down from its operating income of $22.25 million that was reported in the same quarter of the previous year.
Pier 1 Imports Inc also reported net income of $7.38 million for its fiscal third quarter of 2018. Net income reported in its fiscal third quarter of 2017 came in at $13.58 million.
Pier 1 Imports Inc’s revenue for its fiscal third quarter of 2018 came in at $469.16 million. This is lower than the retail company’s revenue of $475.90 million from the same period of the year prior. However, it did still beat analysts’ revenue estimate of $466.60 million for the period.
PIR stock didn’t get any help today from the company’s fourth-quarter guidance. It is expecting earnings per share to range from 16 cents to 24 cents. Wall Street is looking for earnings per share of 37 cents for the company’s fiscal fourth quarter of 2018.
Pier 1 Imports Inc’s guidance for the fiscal full year of 2018 were also grim. The company is expecting earnings per share for the year to range from 17 cents to 25 cents. Analysts are estimating earnings per share of 39 cents for the fiscal full year.
PIR stock was down 29% as of Thursday afternoon and is down 32% year-to-date.
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As of this writing, William White did not hold a position in any of the aforementioned securities.