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News Breaks
June 11, 2014
16:12 EDTRHRestoration Hardware sees $4B-$5B annual sales after real estate transformation
CEO Gary Friedman said, “Looking forward, we remain focused on our key value-driving strategies including the expansion of our product offer and the transformation of our retail stores. While we are still in the early stages of reading the results of our 2014 Source Books, we are very pleased with the initial response to our new products, and continue to believe that the design and presentation of these new books will be transformative to our business. Regarding our real estate transformation, we recently opened our newest Full Line Design Gallery at The Historic Post Office in Greenwich, Connecticut and the early reads have been outstanding. We remain on track to open a new larger Full Line Design Gallery in Los Angeles on Melrose Avenue and our first next-generation Full Line Design Gallery in Atlanta later this year. Additionally, we are expanding the size of our New York Gallery, adding two additional floors to the top performing store in the Company. We now have signed leases for six next-generation Full Line Design Galleries and are in negotiations for more than 25 additional locations. Once our real estate transformation is complete in North America, we believe we will deliver $4 billion to $5 billion in annual sales, achieve mid-teens operating margins, and generate significant free cash flow.”
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September 25, 2015
11:48 EDTRHPier 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%.

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