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Stock Market & Financial Investment News

News Breaks
June 19, 2014
11:49 EDTBBBY, PIR, RH, WSMPier 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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February 25, 2015
09:36 EDTBBBYBed Bath & Beyond Q4 comp sales trending below conensus, says Cleveland Research
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February 20, 2015
10:46 EDTWSMWest Coast dockworkers have not reached labor deal, CNBC reports
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10:11 EDTWSMWest Coast dockworkers reported to strike labor deal, CNBC says
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February 18, 2015
10:42 EDTWSMApparel makers beyond Perry Ellis seen hurt by port slowdown
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10:05 EDTRHOn The Fly: Analyst Initiation Summary
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10:05 EDTWSMOn The Fly: Analyst Downgrade Summary
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07:29 EDTRHRestoration Hardware initiated with an Outperform at Cowen
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06:56 EDTWSMPiper cuts Williams-Sonoma on promotions, port situation
Piper Jaffray downgraded Williams-Sonoma to Neutral from Overweight saying promotional activity has picked up in the current quarter while furniture delivery delays may arise from the West Coast ports situation. Piper keeps an $84 price target on the home products retailer. Shares closed yesterday down 41c to $81.70.
05:45 EDTWSMWilliams-Sonoma downgraded to Neutral from Overweight at Piper Jaffray
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