Pier 1's sinking sales test analyst patience for turnaround; shares open -24% [Seeking Alpha]
PIER 1 IMPORTS (PIR)
Last pier 1 imports earnings: 6/26 04:15 pm
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investors.pier1.com
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Source: Seeking Alpha
Pier 1 Imports ( PIR ) opens more than 20% lower after same-store sales dropped 8.2% in Q1, which Morgan Stanley calls “another step-down” for the company, adding that Q2 guidance also was worse than expected. Stanley's Simeon Gutman says disappointing sales and margin numbers could suggest that promotions are becoming less effective, and adds that 2018 PIR's comps outlook may be out of reach; the firm rates PIR at Underweight with a $2.25 price target. But some analysts are not abandoning PIR, with Guggenheim advising investors to wait for H2 to see if a pending brand relaunch is effective. Guggenheim's Steven Forbes, who rates the stock Neutral, sees Q1 results as “essentially in-line,” driven mostly by strong cost control despite poor sales and margin numbers. Source: Bloomberg First Word See all stocks on the move » Now read: Bed Bath & Beyond Inc. 2018 Q1 - Results - Earnings Call Slides »
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