Soft guidance crushes Pier 1 Imports [Seeking Alpha]
PIER 1 IMPORTS (PIR)
Last pier 1 imports earnings: 6/26 04:15 pm
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US:NYSE Investor Relations:
investors.pier1.com
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Source: Seeking Alpha
Soft guidance crushes Pier 1 ImportsPier 1 Imports (NYSE:PIR) reports comparable sales fell 0.7% inFQ3. The company says the hurricanes in Florida and Texas impacted comparable sales by about 100 bps.E-commerce penetration rose six full percentage points to 26% of sales during the quarter.The higher mix of e-commerce sales contributed to a drop in gross profit rate to 37.7% of sales vs. 41.3% a year ago. Merchandise margin fell to 57.3% of sales vs. 60.2% a year ago.Pier 1 ended the quarter with an inventory position of $419M, down 13% Y/Y.Q4 guidance: Comparable sales growth -3.5% to -1.5%, total sales growth +1% to +3%, EPS $0.16 to $0.24 vs. $0.38 consensus.Full-year guidance: Comparable sales growth -1% to flat, total sales growth is expected to be flat, EPS $0.17 to $0.25.Shares of Pier 1 aredown 21% AH to $4.60.See all stocks on the move »
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