Pier 1 Imports misses by $0.61, misses on revs; appoints Cheryl Bachelder interim CEO
- Reports Q3 (Nov) loss of $0.62 per share, $0.61 worse than the S&P Capital IQ Consensus of ($0.01); revenues fell 12.0% year/year to $413 mln vs the $455.2 mln S&P Capital IQ Consensus. Company comparable sales decreased 10.5% compared to the third quarter of fiscal 2018; the Company estimates that the shift of certain holiday selling days, which were not included in last year's fiscal third quarter, benefited third quarter fiscal 2019 company comparable sales by approximately 600 basis points. The impact of this timing shift is expected to reverse in the fourth quarter of fiscal 2019.
- Pier 1 separately announced today that it has appointed Cheryl A. Bachelder, a member of the Company's Board of Directors, as Interim Chief Executive Officer, effective immediately. Additionally, Pier 1 announced a number of actions to enhance shareholder value and position the Company for long-term growth and profitability.
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