Pier 1 same-store sales drop, taking the stock price with it [MSN Money]
PIER 1 IMPORTS (PIR)
Last pier 1 imports earnings: 6/26 04:15 pm
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Source: MSN Money
THE RATINGS GAME © Provided by Dow Jones & Company, Inc. Pier 1 expects to revamp about one-third of its stores by the holidays. Struggling home retailer Pier 1 Imports Inc. reported a deeper-than-expected same-store sales drop, which has been followed by a 20.5% drop in shares in Thursday trading. Load Error Pier 1 (PIR) reported a fiscal first-quarter same-store sales decline of 8.2%, exceeding the FactSet expectation for a 7.7% drop. “Although fiscal first-quarter results were within expectations, the 8.2% year-over-year decline in comparable sales shows that Pier 1’s value proposition is now not resonating with consumers,” wrote Raymond James analysts led by Budd Bugatch. Pier 1 reported sales of $371.9 million, missing the FactSet consensus of $375.6 million. And the company had a 36-cents-per-share loss, ahead of the FactSet guidance for a 39-cents-per-share loss. On the earnings call, executives focused on the new merchandise coming in Au
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