Pier 1 Imports Q2 Profit Misses Estimates; Cuts FY15 Outlook

(RTTNews) - Pier 1 Imports, Inc. (PIR) reported net income for the second quarter of $9.2 million or $0.10 per share, compared to $17.8 million or $0.17 per share for the year-ago quarter.

Total sales for the second quarter rose 5.8% to $418.6 million from $395.6 million in the prior year quarter. Company comparable sales increased 4.5% during the second quarter, attributable to increases in brand traffic, conversion and average ticket.

Analysts polled by Thomson Reuters expected the company to earn $0.14 per share on revenue of $426.02 million for the second quarter.

Looking forward, the company lowered its fiscal 201 earnings guidance to a range of $0.95 to $1.05 per share from its previous guidance of $1.14 to $1.22 per share. Analysts currently expect the company to earn $1.13 per share for the fiscal year 2015.