Pier 1 Imports Profit In Line, Sales Misses; Still Sees FY EPS Above Street

(RTTNews) - Home furnishings and furniture retailer Pier 1 Imports Inc (PIR) Thursday reported third-quarter net earnings of $17.9 million or $0.20 per share compared with $26.8 million or $0.26 per share last year.

Revenues for the quarter were up 4% at $484.5 million compared with $465.5 million in the prior year.

Analysts polled by Thomson Reuters estimated earnings of $0.20 per share on revenues of $488.3 million for the quarter. Analysts' estimates typically exclude special items.

Comparable sales for the quarter rose 2.5%.

Gross margin for the quarter fell to 42.3% from 43.4% last year, hurt by a higher mix of e-Commerce sales, partly offset by leverage of store occupancy costs.

For the full year 2015, the company expects earnings of $0.95 to $1.05 per share, while analysts expect $0.98 per share.