Categories Earnings, Retail

Pier 1 Imports stock drops 14% after Q3 results miss estimates

Shares of Pier 1 Imports (PIR) fell sharply Wednesday after the home decor company slipped to a net loss in the third quarter, hurt mainly by a double-digit decline in revenues. The company also announced the appointment of Cheryl Bachelder as the interim CEO.

The Texas-based company reported a net loss of $50.4 million or $0.62 per share for the quarter, compared to a profit of $7.4 million or $0.09 per share last year. Analysts had forecast a narrower loss.  The bottom-line was negatively impacted by charges related to establishing a valuation allowance against certain deferred tax assets.

At $413.2 million, sales were down 11.9% compared to the third quarter of 2018 and below the estimates. There was a 10.5% year-over-year decline in comparable store sales. At the end of the third quarter, the company operated 987 stores, lower by 24 units compared to the same period of last year.

The bottom-line was negatively impacted by charges related to setting a valuation allowance against certain deferred tax assets

The management, meanwhile, attributed the dismal earnings performance in the recent quarters to the flawed execution of its ‘New Day’ strategic plan, which is yet to yield the desired results.

Pier 1 stock plunges on disappointing Q2 results

Separately, Pier 1 Imports said it appointed Cheryl Bachelder as the Interim chief executive officer, to succeed Alasdair James who left the company recently. Bachelder will take over effective immediately.

As part of the efforts to enhance shareholder value, the management revealed plans to embark on an aggressive cost reduction program, which will start giving results beginning 2020. The planned capital expenditures for the fiscal year has been lowered by $20 million to $40 million.

Pier 1 Imports shares have lost 74% since the beginning of the year. The stock closed Wednesday’s regular session higher but lost more than 14% after the earnings report.

 

We’re on Apple News! Follow us to receive the latest stock market, earnings, and financial news at your fingertips

Most Popular

United Parcel Service (UPS) seems on track to regain lost strength

Cargo giant United Parcel Service, Inc. (NYSE: UPS) ended fiscal 2023 on a weak note, reporting lower revenues and profit for the fourth quarter. The company experienced a slowdown post-pandemic

IPO Alert: What to look for when Boundless Bio goes public

Boundless Bio is preparing to debut on the Nasdaq stock market this week, and become the latest addition to the list of biotech firms that have launched IPOs this year.

Nike (NKE) bets on innovation and partnerships to return to high growth

Sneaker giant Nike, Inc. (NYSE: NKE) has been going through a rough patch for some time, with sales coming under pressure from weak demand and rising competition. Post-pandemic, the company

Comments

  1. Pingback: fue
  2. Pingback: Pharmacy's PHD
  3. Pingback: Prosthodontics
  4. Pingback: College systems
  5. Pingback: fue
  6. Pingback: pull up
  7. Pingback: glucotrust
  8. Pingback: Fiverr Earn
  9. Pingback: Fiverr Earn
  10. Pingback: Fiverr Earn
  11. Pingback: Fiverr Earn
  12. Pingback: led controsoffitto
  13. Pingback: fiverrearn.com
  14. Pingback: fiverrearn.com
  15. Pingback: fiverrearn.com
  16. Pingback: fiverrearn.com
  17. Pingback: fiverrearn.com
  18. Pingback: TMS System
  19. Pingback: fiverrearn.com
  20. Pingback: fiverrearn.com
  21. Pingback: fiverrearn.com
  22. Pingback: french bulldog
  23. Pingback: bernedoodle diet
  24. Pingback: crypto news
  25. Pingback: future university
  26. Pingback: Fiverr
  27. Pingback: Fiverr.Com
  28. Pingback: Classic Books 500
  29. Pingback: FiverrEarn
  30. Pingback: FiverrEarn
  31. Pingback: Media
  32. Pingback: Speaker
  33. Pingback: FiverrEarn
  34. Pingback: FiverrEarn
  35. Pingback: pupuk anorganik
  36. Pingback: partners
  37. Pingback: java burn reviews
  38. Pingback: Political Science
  39. Pingback: Tips
  40. Pingback: FiverrEarn
  41. Pingback: FiverrEarn
  42. Pingback: live sex cams
  43. Pingback: live sex cams
  44. Pingback: FiverrEarn
  45. Pingback: FiverrEarn
  46. Pingback: FiverrEarn
  47. Pingback: FiverrEarn
  48. Pingback: solar
  49. Pingback: website builder
  50. Pingback: Slot Thailand
  51. Pingback: Kuliah Termurah
  52. Pingback: FiverrEarn
  53. Pingback: FiverrEarn
  54. Pingback: FiverrEarn
  55. Pingback: cheap sex cams
  56. Pingback: fullersears.com
  57. Pingback: fullersears.com
  58. Pingback: dog probiotics
  59. Pingback: live sex cams
  60. Pingback: rare breed-trigger
  61. Pingback: 늑대닷컴
  62. Pingback: Slot Mesir
  63. Pingback: superslot
  64. Pingback: allgame
  65. Pingback: 918kiss
  66. Pingback: หวย24
  67. Pingback: K-beauty
  68. Pingback: pg slot
  69. Pingback: cybersécurité
  70. Pingback: game slot
  71. Pingback: upstate hotels
  72. Pingback: resort lake placid
  73. Pingback: megagame
  74. Pingback: SaaS Attorney
  75. Pingback: itsMasum.Com
  76. Pingback: itsMasum.Com
  77. Pingback: itsMasum.Com
  78. Pingback: Nangs delivery
Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top