Pier 1 Imports reports Q2 results in-line with downside preannounement from two weeks ago
- Reports Q2 (Aug) loss of $0.63 per share, in-linewith the S&P Capital IQ Consensus of ($0.63); revenues fell 12.8% year/year to $355.3 mln vs the $356.79 mln S&P Capital IQ Consensus.
- On Sept 20, co lowered EPS to ($0.62-0.64) from ($0.54-0.58) and preannounced comps down 11.4% vs. (6-7%) guidance. The company also discontinued FY19 guidance and did not issue any update guidance in this PR.
- "As previously communicated, our second quarter financial results reflect execution challenges around our August brand re-launch and our 'New Day' strategic plan initiatives taking longer than expected to gain traction. However, we have already taken steps to refine our marketing program and product allocation and are encouraged by early signs of improvement in some of our key customer metrics in recent weeks, including conversion and customer growth. Indeed, as we sharpen our execution on key initiatives around product and marketing, we continue to expect our top-line trend to improve over time. We remain confident that our plan is the right course to drive long-term growth and profitability."
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