|Bid||0.7676 x 4000|
|Ask||0.8104 x 2200|
|Day's Range||0.7900 - 0.8379|
|52 Week Range||0.2800 - 3.1400|
|Beta (3Y Monthly)||6.08|
|PE Ratio (TTM)||N/A|
|Earnings Date||Jun 25, 2019 - Jul 1, 2019|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||0.50|
It operates through retail stores and an e-commerce website under the brand Pier 1 Imports. Warning! GuruFocus has detected 3 Warning Signs with PIR. For the last quarter Pier 1 Imports Inc reported a revenue of $412.5 million, compared with the revenue of $512.2 million during the same period a year ago.
We want to clarify and confirm Pier 1’s liquidity position, as described during the Company’s earnings call on April 17, 2019. Pier 1 has developed an action plan that the Company believes will provide sufficient liquidity to implement the strategic initiatives that are part of its new fiscal 2020 plan. The Company is not in default under any of its debt agreements, and those agreements do not contain any financial performance covenants.
Zacks Value Trader Highlights: Novavax, J.C. Penney, Pier 1 Imports, Tilray and Aurora Cannabis
[Editor's note: This story was originally published in March 2019. It has since been updated and republished.]The stock market's volatility at the start of 2019 didn't make me any less bullish on the five cheap stocks profiled in this article, and that mentality has paid off -- the Dow Jones is up 13.6% year-to-date. And my penny stock picks? While some are down from their first-quarter peaks, most of them remain considerably higher on a YTD basis.Among these stocks, market movements can cause some noise. But the investment thesis on cheap stocks is predicated on huge moves higher in the long-term. Thus, in the near-term, macro-driven movements amount to nothing more than a sideshow.InvestorPlace - Stock Market News, Stock Advice & Trading TipsFrom this perspective, now might be a good time to pile into some stocks under $6. These stocks are a high-risk bunch. But they do have high-reward potential, too. * 10 High-Yielding Dividend Stocks That Won't Wilt With that in mind, here is a list of five of the best penny stocks that I think have more upside potential to ride the market's bullishness. Pier 1 (PIR)Source: Shutterstock PIR stock price: 44 cents Year-to-date gain: 45.2%Furniture retailer Pier 1 Imports (NYSE:PIR) has had a tough time getting its act together for several years. Peer Restoration Hardware (NYSE:RH) has seen its stock rise 30% over the past year thanks to a red-hot housing market and robust demand for home furnishings. PIR stock, however, has collapsed during that same stretch. These problems aren't new. Over the past five years, this stock has lost more than 90% of its value.Having said that, there is visibility for a turnaround in PIR stock in the near future.At its core, Pier 1 has been killed by rising e-commerce threats creating huge pricing and traffic headwinds. Pier 1, which stands somewhat square in the middle of price and quality, doesn't really have anything special about the business to protect against these headwinds. Consequently, sales and margins have dropped in a big way.But, the company has a three-year strategic plan to turn the business around. The plan includes bigger investments in omni-channel commerce capabilities and marketing.No one knows whether this plan will actually work. But home furnishings is a market with enduring demand, so that helps.Meanwhile, PIR stock is dirt cheap. This company used to have earnings power of $1 per share. Even half of that earnings power (50 cents) would be huge for a stock trading under $1. At 50 cents per share in earnings power, it wouldn't be unreasonable to see this stock hit $8 (a market-average 16x multiple). Groupon (GRPN)Source: Shutterstock GRPN stock price: $3.46 Year-to-date gain: 4.3%Much like Pier 1, savings-king Groupon (NASDAQ:GRPN) feels like one of those companies that were loved yesterday but will be forgotten tomorrow. But I don't think that's true. I get that the savings and deals market is commoditized now. I also understand that Groupon really isn't a household name for coupons like it used to be.But I'm a numbers guy. And Groupon's numbers are pretty good. Its margins are improving thanks to management's focus on higher-margin businesses. Operating expenses are also being removed from the system, so the company's overall profitability profile is improving.Aside from the numbers, Groupon launched an aggressive advertising campaign last year with hyper-relevant Tiffany Haddish that scored just shy of 100 million views. I think this campaign will have a long-term positive effect on usage, which could drive the stock higher. * 7 Red-Hot E-Commerce Stocks to Consider Put it all together, and it looks like GRPN stock could have a big-time rally in 2019. Zynga (ZNGA)Source: Shutterstock ZNGA stock price: $5.62 Year-to-date gain: 38.7%I'm not a huge fan of the mobile gaming sector. It's a tough space plagued with competition and low margins. Plus, competition is only building thanks to social media apps becoming increasingly multi-purpose. But mobile gaming company Zynga (NASDAQ:ZNGA) seems to have found the key to success in the mobile gaming world.Zynga used to be a mega-popular browser game company with tons of users. But then the company overreached by branching into games that had heavy overlap with the traditional video game market, like sports titles. They couldn't compete in that market. Eventually, the over-extension sparked user churn, and ZNGA stock spiraled downward.That forced Zynga to re-invent itself into something much more relevant and defensible. They did just that. Zynga has transitioned its business model from web-focused to mobile-first while narrowing its gaming title focus. This pivot has streamlined operations, re-invigorated top-line growth, cut costs and improved profitability.Consequently, the numbers supporting Zynga are pretty good. In Q4, its revenue rose 7% year-over-year and its bookings jumped 19% YoY. Finally, its operating cash flow soared 241%.From where I sit, this pivot appears to be in its early stages. Mobile is a secular growth narrative, and ZNGA has developed a gaming portfolio that is focused and tailored to that growth narrative. Thus, so long as mobile engagement heads higher, Zynga's numbers should get better. Better numbers will inevitably lead to a higher stock price. Arotech (ARTX)Source: arotech.com ARTX stock price: $2.91 Year-to-date gain: 10.2%There is no hiding the fact that the defense sector has been hot under President Donald Trump. Trump came into office, upped the ante on defense and military spending, and in response, the whole world is spending more on defense and military.Defense contractors win when this happens. That is why mega-cap defense contractors like Lockheed Martin (NYSE:LMT) and Boeing (NYSE:BA) have been on fire for the past several quarters. But one micro-cap defense contractor that has missed out on this rally is Arotech (NASDAQ:ARTX). Over the past several years, the financials at Arotech haven't gained any ground. Five years ago, its revenues were $103.5 million and its net income was $3.5 million. In 2017, its revenues were $98.7 million and its net income was $3.8 million.In other words, its profits haven't risen much in five years. When profits don't go up, the stock tends not to go up. It is a simple relationship. But its profits are stabilizing. When profits go from declining to stabilizing, they usually go to growth next. * 7 Small-Cap Growth ETFs For Adventurous Investors And, when profits go up, stocks tend to go up. As such, it looks like Arotech is finally joining the tide when it comes to big boosts in defense and military spending. This tide will inevitably lift Arotech's earnings power substantially, and ARTX will rally as a result. Blink Charging (BLNK)Source: Shutterstock BLNK stock price: $3.14 Year-to-date gain: 74.4%When it comes to cheap stocks, there are few as volatile as Blink Charging (NASDAQ:BLNK).Over the past two years, BLNK stock has gone from $10 to $3, and popped from $4.50 to $8 … it now sits at a paltry $3.14. This volatility won't give up any time soon. Thus, if you want to avoid volatility, I'd normally say avoid BLNK stock …That being said, if this company's secular growth narrative surrounding building a network of electric vehicle charging stations globally materializes within the next five years, this stock could be a 5- or even 10-bagger.It is a big risk. But, eventually, global infrastructure will need to match demand. At that point in time, there will be some huge contracts awarded to electric vehicle charging station companies.Will Blink be one of them? Perhaps. Tough to tell. But if they do land some big contracts, this stock could have another huge pop in a short amount of time.As of this writing, Luke Lango was long FB, PIR, GRPN and ARTX. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 10 High-Yielding Dividend Stocks That Won't Wilt * 4 Energy Stocks Soaring as Trump Tightens on Iran * 7 Tech Stocks With Too Much Risk, Not Enough Upside Compare Brokers The post 5 Cheap Stocks to Buy That Are $6 or Less appeared first on InvestorPlace.
Pier 1 Imports has announced a turnaround strategy, including store closures, but analysts are raising the possibility of a liquidation.
Benzinga has examined prospects for many investor favorite stocks over the past week. Bullish calls included a leading airline and a pharmaceutical giant. And bearish calls included cruise line operators ...
Pier 1 Imports plans to close at least 45 stores and potentially up to 100 more as it seeks to cut costs after another disappointing holiday season.
The fourth-quarter earnings of Pier 1 Imports Inc (NYSE: PIR) fell far below analyst expectations. For the entire year, adjusted earnings before interest, tax, depreciation and amortization came in at -$136.7 million, and free cash flow sunk to -$135.2 million. Raymond James called the report “distressing,” and while it didn’t recommend shorting the stock, it reiterated its Underperform rating.
The company announced fourth quarter and fiscal-year earnings Wednesday — and also announced the arrival of an interim CFO.
Pier 1 said the number of stores likely to be closed could increase by up to 15 percent if Pier 1 fails to achieve performance goals, sales targets, and reductions in occupancy and costs. Pier 1, which has a market capitalization of about $55 million, had a long-term debt of $245.6 million as of March 2. In the crucial holiday quarter, Pier 1 reported a 13.7 percent decline in same-store sales and missed Wall Street expectation for quarterly revenue as fewer customers visited its stores.
Check out the companies making headlines after the bell:Shares of Las Vegas Sands LVS jumped more than 4% in extended trading Wednesday following the release of the company's first-quarter earnings.
Pier 1 (NYSE:PIR) revealed its latest quarterly earnings figures after hours today, bringing in financial results that were largely below what the company brought in during the same period in the previous fiscal year, playing a role in PIR stock sinking late in the day.The Fort Worth, Texas-based retailer said that for its fourth quarter of its fiscal 2019, it amassed comparable sales that decreased 13.7% when compared to the year-ago quarter. The company added that this decline can be attributed to the shift of certain holiday selling days that were not included in the period, negatively impacting the quarterly comparable sales by roughly 750 basis points.Pier 1 added that its net sales for the period were down 19.5% when compared to the fourth quarter of 2018, reaching $412.5 million. Overall, the business brought in a net loss of $68.8 million for the period, coming in at roughly 85 cents per share.InvestorPlace - Stock Market News, Stock Advice & Trading TipsIt also had inventory of $347.6 million at the end of the period, which is flat from the end of its fiscal 2018. "We are pleased to be sharing our fiscal 2020 action plan today, which is designed to reset our operating model and rebuild our business for the future," said Cheryl Bachelder, Interim CEO."As anticipated, our fourth quarter sales and profitability were disappointing and reflect the execution issues we identified earlier in the year and have been working with urgency to correct," she added.PIR stock is down about 19.5% after the bell off the heels of an underwhelming quarterly earnings performance from the company. Shares had been sliding 0.7% during regular trading hours for Pier 1 as the company geared up to report its latest results. More From InvestorPlace * 7 Marijuana Companies: Which Pot Stocks Should You Buy? * 10 S&P 500 Stocks to Buy Off Their Lows * 7 Stocks to Buy for Spring Season Growth Compare Brokers The post Pier 1 Earnings: PIR Stock Plummets As Net Sales Fall 19.5% appeared first on InvestorPlace.
Shares of Pier 1 Imports Inc. slumped in Wednesday's extended session after the chief financial officer quit abruptly and the company posted weak fourth-quarter results. Pier 1 named Deborah Rieger-Paganis interim chief financial officer following the departure of Nancy Walsh as the company seeks to cut costs amid a double-digit drop in comparable sales. Separately, the retailer reported it swung to a fourth-quarter loss of $68.8 million, or 85 cents a share, from a profit of $15 million, or 19 cents a share, a year earlier. Revenue fell to $412.5 million from $512.2 million and same store sales declined 13.7% year-on-year. The company is considering the possibility of closing up to 45 stores in fiscal 2020 as leases expire. "Pier 1 has conducted a review of its store portfolio and will be seeking occupancy cost reductions. The store closure number could increase to up to 15% of stores if the company is unable to achieve performance goals, sales targets, and reductions in occupancy and other costs," said the retailer in a statement. In January, the company received notice from the New York Stock Exchange that it could be delisted as it failed to maintain an average closing share price of $1 for more than 30 consecutive trading days. Pier 1 has six months to regain compliance. Pier 1 shares sank 12% after hours.
FORT WORTH, Texas (AP) _ Pier 1 Imports Inc. (PIR) on Wednesday reported a fiscal fourth-quarter loss of $68.8 million, after reporting a profit in the same period a year earlier. The Fort Worth, Texas-based company said it had a loss of 85 cents per share. This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research.
Pier 1 Imports, Inc. (PIR) today announced that Deborah Rieger-Paganis will assume the role of Interim Chief Financial Officer, effective immediately. Ms. Rieger-Paganis is employed as a managing director at global consulting firm AlixPartners. Ms. Rieger-Paganis holds a bachelor’s of science in accounting from the State University of New York at Albany and is licensed as a certified public accountant in New York.
NEW YORK, NY / ACCESSWIRE / April 17, 2019 / Pier 1 Imports, Inc. (NYSE: PIR ) will be discussing their earnings results in their 2019 Fourth Quarter Earnings to be held on April 17, 2019 at 5:00 PM Eastern ...
Pier 1 Imports (NYSE: PIR ) announces its next round of earnings this Wednesday, April 17. Here is Benzinga's everything-that-matters guide for this Wednesday's Q4 earnings announcement. Earnings and Revenue ...
The so-called retail apocalypse may be slowing down, but only because there are fewer stores to shutter. It's still underway. Payless ShoeSource and Gymboree are among several retailers that have filed for bankruptcy just one quarter into 2019.The thinning of the herd may continue. Credit-rating agency Moody's recently identified 17 retailing names that were facing an unusually high risk of defaulting on a bond payment in the foreseeable future. The report discussing the challenges these retailers face notes, "We expect to see continued pressure on retailers that do not have the financial capacity to weather pricing pressures and the onslaught of e-commerce." Tougher debt loads also are an issue, write Moody's analysts Manoj Chadha and Charles O'Shea.Firms that default on a bond are prime candidates for a bankruptcy filing, which actually can help alleviate several issues. "Companies that file for bankruptcy are ostensibly able to use the protections offered by the Bankruptcy Code to slash high debt balances and associated interest expense burdens, renegotiate lease terms, reduce headcount, and close a number of underperforming stores all at once," Moody's writes.Here are 17 retailers that Moody's believes are at risk of a credit default or bankruptcy filing. A few of these companies are publicly traded retail stocks, some are privately held. But all are familiar retail names that consumers might want to visit one more time, if only for nostalgia's stake in case the ultimate end is near. SEE ALSO: 10 of the Worst Stock Calls By the Pros
Investors in retailer Bed Bath & Beyond (NASDAQ:BBBY) have been waiting for years for any kind of good news. Bed Bath & Beyond stock has collapsed in recent years. BBBY stock touched a 20-year low in December, at which point it had lost more than 85% of its value in four years.Source: Mike Mozart via Flickr BBBY now has rallied 64% from those lows. A big chunk of the gains came on Tuesday, when the stock rose 22% thanks to news of an activist effort at the company. Funds Legion Partners Holdings, Macellum Advisors, and Ancora Advisors have teamed up with a plan to replace the entire 12-person BBBY board of directors -- as well as CEO Steven Temares. Given the huge amount of value destroyed here, the activists have a strong case. And the huge spike in Bed Bath & Beyond stock suggests that investors believe the proxy fight will succeed. Even if it does, however, there's a key question: is it too late to save Bed Bath & Beyond? Why Activists Targeted Bed Bath & Beyond StockIn their letter nominating 16 potential new directors, the BBBY activists make a compelling case. Simply put, Bed Bath & Beyond looks like a mess. Under Temares -- who will celebrate his 16th anniversary as CEO next week -- BBBY stock has declined some 58%.InvestorPlace - Stock Market News, Stock Advice & Trading Tips * 8 Genomic Testing Stocks That Can Ease the Sting of Theranos The performance has been even worse of late with BBBY stock reflecting the deterioration in the business. In the last five years, gross margins have compressed from 39% to 34%. SG&A spend -- at a time when most brick-and-mortar retailers are managing costs carefully, if not outright cutting expenses -- has risen 27%. As a result, operating margins have collapsed from 14% to just 4%. Bed Bath & Beyond's own guidance suggests FY18 (ending February 2019) EPS of just $2, less than half the $4.58 achieved just two years ago.Specialty retailers admittedly are facing a tougher path at the moment. Home-focused sellers like The Container Store (NYSE:TCS), Kirkland's (NASDAQ:KIRK) and Pier 1 Imports (NYSE:PIR) have struggled in recent years. But the investor group details the seemingly incoherent strategy at work at Bed, Bath and Beyond specifically, as BBBY continues to buy smaller companies (7 acquisitions in 7 years) with little success, while lurching from plan to plan in an effort to reverse declining same-store sales trends.Despite those repeated failures, board and management compensation remain excessive. And the board has authorized a stunning $8 billion in share repurchases since 2011 -- at an average price of $59. BBBY now has a market capitalization of just $2.4 billion -- and trades at $17. Why the Activists Can Win the Fight -- and Save BBBY StockIt would appear the activists have a strong likelihood of success. They're showing how strong their beliefs are by looking to clean house -- rather than just add a director or two to "get a voice" in the boardroom. Management and the board combined own just 5.5% of the company, according to last year's proxy statement. Independent shareholders will decide this battle -- and it's hard to imagine too many of those shareholders favoring the incumbent management that sent the stock to a two-decade low.Should the activists win, there's a path toward improvement. For one, new management will have time. Bed Bath & Beyond has no debt due before 2024. That year, a $300 million bond needs to be repaid, but BBBY closed the third quarter with nearly $1 billion in cash. The next maturity is not until 2034, with most of the debt due ten years after that. The odds of bankruptcy seem remote.The other fundamental reason for optimism is the current 4% operating margins. It simply doesn't take that much in the way of improvement to materially boost earnings. The activists pledge to cut costs, and even a 4% reduction in SG&A would save about 1% of revenue, moving earnings higher by 25%.Add in a potential reversal of the seven-quarter streak of declining same-store sales, and profits can grow sharply, and quickly. The investor group targeted EPS above $5 "over the next few years," driven largely by margins that should double, or come close.Assign even a conservative EPS multiple, and BBBY stock triples from current levels. Faster-than-expected growth and/or proceeds from selling (or shutting down) the smaller acquired businesses could drive even more upside. The RisksThe key question here is just how much damage has been done and how long it will take to fix. BBBY has hemorrhaged market share in recent years to off-price retailers like TJX Companies (NYSE:TJX) and Ross Stores (NASDAQ:ROST), as well as online rivals including Amazon.com (NASDAQ:AMZN). Bed Bath & Beyond stores, as even the activists point out, feel like a jumbled mess. Those will require years of improvement and millions of dollars in capital spend to fix.While the balance sheet seems reasonably clean, BBBY management has committed to some $3 billion in operating leases as of the end of last fiscal year. Those leases could slow any plan to shrink the company's brick-and-mortar footprint or cost millions in termination fees.Broadly put, even new management won't be able to turn BBBY around in a matter of months. And while those improvements are being put in, sales may further decline and earnings may see more pressure. Even the big plans may not work out: Tuesday Morning (NASDAQ:TUES) stock soared earlier this decade on optimism toward an activist-led turnaround. That stock hit a post-crisis low in December.Meanwhile, the key pressures on retail will persist. As I noted last year in warning investors away from BBBY, there are two points to remember about the industry as a whole. The first is that results should be much better right now given a strong economy. If same-store sales are falling now, what happens when a recession inevitably hits?And the second is that even flat or +1% comps still generally suggest declining earnings, as inflation drives rent and labor costs higher. That's doubly true as online sales grow -- which generally are dilutive to margins. * 10 Tech Stocks That Transformed Their Business In that context, Bed Bath & Beyond has a long way to go simply to stabilize profits. And new management will have its work cut out for it. There's reason for hope -- but plenty of reasons for caution, too.As of this writing, Vince Martin has no positions in any securities mentioned. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 8 Genomic Testing Stocks That Can Ease the Sting of Theranos * 4 Pot Stocks That Could Be Fizzling Out * 7 Mid-Cap Growth Stocks That Could Be the Next Amazon or Netflix Compare Brokers The post Activists Have a Long Road to Save Bed Bath & Beyond Stock appeared first on InvestorPlace.
Moody's Investors Service ("Moody's") downgraded Pier 1 Imports (U.S.), Inc.'s ("Pier 1") Corporate Family Rating ("CFR") to Caa3 from Caa1 and Probability of Default Rating ("PDR") to Caa3-PD from Caa1-PD. Concurrently, Moody's downgraded the company's senior secured term loan rating to Ca from Caa2. The downgrades reflect Moody's view that Pier 1's ability to turn around its earnings to a level that supports a timely and economical refinancing of its term loan due 2021 is highly uncertain.
Pier 1 Imports, Inc. (PIR) today announced an organizational redesign of its corporate workforce to better align its operations with its long-term strategy and enable the Company to improve agility, reduce costs and reinvest in building core competencies. The organizational redesign is being completed as part of a broader review of Pier 1’s operations, undertaken with the assistance of outside consultants, to enhance the Company’s processes, capabilities and cost structure. Pier 1 established the Company’s new organizational structure based on industry benchmarks for each department, with changes including the elimination of certain roles, a realignment of responsibilities for some associates, new reporting structures and the creation of new positions.