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Pier 1 down 14.3% after FQ3 sales miss, soft FQ4 guidance

Dec. 16, 2015 5:46 PM ETPier 1 Imports, Inc. (PIRRQ) StockBy: Eric Jhonsa, SA News Editor3 Comments
  • In addition to missing FQ3 sales estimates (while slightly beating on EPS), Pier 1 Imports (PIR) is guiding for FQ4 EPS of $0.18-$0.22, below a $0.36 consensus. Same-store sales (inc. e-commerce)  are expected to drop 2%-4% Y/Y, after dropping 0.7% in FQ3.
  • CEO Alex W. Smith: "Our sales slowed in the third quarter, primarily reflecting soft store traffic ... E-Commerce sales continued to demonstrate strong growth and represented approximately 16% of total sales in the period ... strict expense control enabled us to deliver earnings per share within our guidance range. Additionally, we made further progress toward bringing our inventories in line, keeping us on track to close fiscal 2016 with inventory levels down approximately 10 percent from the prior year."
  • Gross margin fell to 37.8% from 42.3% a year ago. SG&A spend fell 9% Y/Y to $146.1M. $23.9M was spent to buy back 3.3M shares.
  • Shares have tumbled to $5.10 after hours.
  • Pier 1's FQ3 results, earnings release

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