Pier 1 Earnings: PIR Stock Plummets As Net Sales Fall 19.5%
Pier 1 (NYSE:) revealed its latest quarterly earnings figures after hours today, bringing in financial results that were largely below what the company brought in during the same period in the previous fiscal year, playing a role in PIR stock sinking late in the day.
The Fort Worth, Texas-based retailer said that for its fourth quarter of its fiscal 2019, it amassed comparable sales that decreased 13.7% when compared to the year-ago quarter. The company added that this decline can be attributed to the shift of certain holiday selling days that were not included in the period, negatively impacting the quarterly comparable sales by roughly 750 basis points.
Pier 1 added that its net sales for the period were down 19.5% when compared to the fourth quarter of 2018, reaching $412.5 million. Overall, the business brought in a net loss of $68.8 million for the period, coming in at roughly 85 cents per share.
It also had inventory of $347.6 million at the end of the period, which is flat from the end of its fiscal 2018. “We are pleased to be sharing our fiscal 2020 action plan today, which is designed to reset our operating model and rebuild our business for the future,” said Cheryl Bachelder, Interim CEO.
“As anticipated, our fourth quarter sales and profitability were disappointing and reflect the execution issues we identified earlier in the year and have been working with urgency to correct,” she added.
PIR stock is down about 19.5% after the bell off the heels of an underwhelming quarterly earnings performance from the company. Shares had been sliding 0.7% during regular trading hours for Pier 1 as the company geared up to report its latest results.
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