Pier 1 Profit In Line, Sales Misses; Reaffirms FY Earnings Guidance; Stock Up 2%

(RTTNews) - Home furnishings retailer Pier 1 Imports Inc (PIR) on Wednesday reported first-quarter net earnings of $6.9 million or $0.08 per share compared with $15 million or $0.16 per share last year.

Revenues for the quarter were $432 million compared with $419 million in the prior year.

Analysts polled by Thomson Reuters estimated earnings of $0.08 per share on revenues of $434.5 million for the quarter. Analysts' estimates typically exclude special items.

Company comparable sales increased 2% in the quarter.

For the second quarter, the company expects earnings of $0.07 to $0.08 per share and comparable sales growth of 4% to 5%. Analysts expect earnings of $0.08 per share.

For the full year 2016, the company still expects earnings of $0.83 to $0.87 per share, while analysts expect $0.84 per share.

The company now expects 2016 comparable sales growth of 3% to 5% compared with prior guidance for mid-single digit growth.