Pier 1 Comps Edged Up As Q4 Began

In looking forward to the end of its fiscal year on February 25, Pier 1 Imports reported that its comparable sales are trending positive as it reiterated financial guidance.

“Customers responded positively to our seasonal and holiday assortments in December, and our team has been performing well at all levels of the business again this quarter,” said Terry London, Pier 1 interim president and CEO. “In particular, our store associates are doing a great job of engaging our customers and providing them with outstanding service and a unique shopping experience. Additionally, our January clearance event was successful and readies us for the transition to fresh spring goods this month. Strong execution across the board enabled us to achieve slightly positive comparable sales growth of 0.6% quarter-to-date through January.”

Pier 1 noted that comps for the fourth quarter should come in between down and up 1% compared to the period a year earlier while those for the full fiscal year should come in flat to down 2%. It predicted earnings per share in the 26 cents to 30 cent range and adjusted earnings per share in the 28 cents to 32 cents range for the fourth quarter; and earnings per share in the 30 cents to 34 cents range and adjusted earnings per share in the 37 cents to 41 cents range for the full fiscal year.

In its guidance for the 2016 fiscal year, Pier 1 called for fiscal 2016 full-year comps to come in between down and up 1% and earnings per share to settle in the 32 cents to 40 cents range.