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June 19, 2014
11:07 EDTPIRPier 1 Imports falls after earnings miss, guidance
The company missed expected Q1 EPS of 20 cents, coming in at 16 cents on lighter than expected revenue. It also reduced its FY15 EPS estimate to a range of $1.14 to $1.22, versus the prior view of $1.16 to $1.24, with consensus at $1.21. The stock is down 9.3% to $16.55. At that price, support is at $16.30, the session low, and then at $15.78. Resistance is at $17.12.
News For PIR From The Last 14 Days
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October 8, 2015
10:00 EDTPIROn The Fly: Analyst Initiation Summary
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05:53 EDTPIRPier 1 Imports initiated with a Hold at Jefferies
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October 1, 2015
10:01 EDTPIRPier 1 Imports recalls 2,500 swivel armchairs in U.S. for falling hazard
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September 25, 2015
11:48 EDTPIRPier 1 Imports plunges to 52-week low after cutting FY16 outlook
Shares of home furnishings retailer Pier 1 Imports (PIR) are sinking after the company's second quarter results missed analysts' consensus estimates. The company also lowered its outlook for fiscal year 2016. WHAT'S NEW: After the close on Thursday, Pier 1 Imports reported Q2 earnings per share of 4c and revenue of $430M, missing analysts' consensus estimates of 7c and $435.38M, respectively. Company comparable sales increased 2.5% in Q2, or 3.8% on a constant currency basis. Alex Smith, the company's president and chief executive officer, commented in the earnings report that top line growth in the period was "below our expectations." Smith noted that margins were impacted by higher promotional and clearance activity, as well as inventory-related issues within its distribution center network. Looking ahead, Pier 1 Imports expects third quarter EPS of 10c-14c, far short of analysts' consensus estimates of 23c. Company comparable sales growth, which includes e-commerce, is expected in the low-single digits for the quarter. WHAT'S NOTABLE: Pier 1 lowered its FY16 EPS view to 56c-64c from 83c-87c, well below analysts' estimates of 83c. The company also cut its FY16 company comparable sales growth view, including e-commerce, to low single-digits from its prior view of mid-single digits. For FY16, Pier One sees capital expenditures of approximately $60M, EBITDA margins of approximately 7.5%-8% and merchandising margin, as a percentage of sales, of 55.5%-56%. Smith said the company is on track to end FY16 with year-over-year inventory levels "down meaningfully," but noted that operating with elevated inventories "has been a challenge." PRICE ACTION: In late morning trading, Pier 1 Imports fell $1.45, or 16.71%, to $7.23 on more than seven times its average daily trading volume. Earlier in the session, the stock hit a fresh 52-week low of $6.84. Including today's pull back, the shares have lost approximately 40% over the past year. OTHERS TO WATCH: Other home furnishing retailers include Williams-Sonoma (WSM), up 0.73% and Restoration Hardware (RH), up 0.11%.
10:12 EDTPIRHigh option volume stocks
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08:58 EDTPIROn The Fly: Pre-market Movers
UP AFTER EARNINGS: Nike (NKE), up 8% after last night's better than expected earnings report and futures orders prompted numerous price target hikes at Street research firms. Among them, Deutsche Bank raised it price target on Nike shares to $140 and UBS bumped its target up to $137... Jabil Circuit (JBL), up 9%... BlackBerry (BBRY), up 1%. ALSO HIGHER: Bellerophon Therapeutics (BLPH), up 67% after announcing data from an interim analysis of the company's Phase 2 long-term extension study of INOpulse for the treatment of Pulmonary Arterial Hypertension... Marvell (MRVL), up 5% after announcing a global headcount reduction, plans to downsize its mobile platform business... PayPal (PYPL), up 3% after being initiated with a Buy rating at Canaccord. DOWN AFTER EARNINGS: Pier 1 Imports (PIR), down 15% after Q2 results, FY16 guidance cut... Finish Line (FINL), down 5.5%. ALSO LOWER: Internap (INAP), down 17% after cutting its revenue forecast and having its shares downgraded at Oppenheimer.

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