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Stock Market & Financial Investment News

News Breaks
June 19, 2014
11:49 EDTPIR, WSM, RH, BBBYPier 1 Imports sinks to 52-week low after cutting guidance
Shares of home furnishings retailer Pier 1 Imports (PIR) hit a fresh 52-week low after the company's first quarter results missed analysts' consensus estimates and it lowered its fiscal 2015 earnings per share outlook. WHAT'S NEW: This morning, Pier 1 Imports reported Q1 EPS of 16c and revenue of $419.1M, trailing analysts' consensus estimates of 20c and $422.81M, respectively. Q1 comparable sales grew 6.3%. WHAT'S NOTABLE: The company lowered its FY15 EPS view to $1.14-$1.22 from $1.16-$1.24, compared to consensus of $1.21. Pier 1 backed its FY15 comparable sales growth view, which includes e-commerce, in the high-single digits. It sees FY15 EBITDA growth in the range of 9%-14%, compared to its previous guidance of 11%-17%. The updated guidance is due to a retail environment that remains highly promotional and is pressuring gross profit in the near-term, the company said. The company sees Pier1.com revenue to exceed $200M in FY15, and sees e-commerce sales of at least $400M in FY16, compared to previous expectations for e-Commerce sales to represent 10% of total sales by the end of FY16. On the company's earnings conference call, Pier 1 said it expects continued pressure on gross profits, mainly due to promotional activities, and does not see store sales increases from traffic. The company expects greater earning power in the second half of FY15, and will face easier comparisons in Q3 and Q4 versus a year ago, it added. PRICE ACTION: In late morning trading, Pier 1 Imports fell about 12% to $16.04 on nearly three times its average daily trading volume. Including today's pull back, the stock is down approximately 33% over the past 12 months. OTHERS TO WATCH: Other companies in the home furnishings space include Williams Sonoma (WSM), Restoration Hardware (RH), and Bed Bath & Beyond (BBBY).
News For PIR;WSM;RH;BBBY From The Last 14 Days
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October 22, 2014
07:06 EDTBBBYBed Bath & Beyond management to meet with Deutsche Bank
Field trip to company headquarters to be held in Union, NJ on October 22 hosted by Deutsche Bank.
October 16, 2014
10:01 EDTRHOn The Fly: Analyst Initiation Summary
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07:21 EDTRHRestoration Hardware initiated with a Buy at Deutsche Bank
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October 9, 2014
09:41 EDTBBBY, RHBofA/Merrill retail analysts hold an analyst/industry conference call
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06:54 EDTRHRestoration Hardware initiated with an Outperform at Raymond James
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