53.4 F
Fort Worth
Tuesday, September 29, 2020
- Advertisements -
Banking Pier 1 names interim CEO; reports solid 3Q financials

Pier 1 names interim CEO; reports solid 3Q financials

Other News

Petalo, not Charmin: Virus brings Mexican toilet paper to US

By JOSEPH PISANI AP Retail Writer NEW YORK (AP) — Toilet...

Mall owners close to buying JC Penney out of bankruptcy

By ANNE D'INNOCENZIO AP Retail WriterNEW YORK (AP) — Mall owners Simon Property Group and Brookfield Property Partners are close to a...

At Home launches collection with Fort Worth connection

At Home Group Inc. (NYSE: HOME), The Home Décor Superstore, has debuted an exclusive collection with interior...

Former Toys ‘R’ Us reopens as Havertys in Southlake

HAVERTYS (NYSE: HVT and HVT.A) will officially open its new store in Southlake Corners on Friday, August 21, 2020. The 32,300 square...
Robert Francis
Robert Francis
Robert is a Fort Worth native and longtime editor of the Fort Worth Business Press. He is a former president of the local Society of Professional Journalists and was a freelancer for a variety of newspapers, weeklies and magazines, including American Way, BrandWeek and InformatonWeek. A graduate of TCU, Robert has held a variety of writing and editing positions at publications such as the Grand Prairie Daily News and InfoWorld. He is also a musician and playwright.

Home furnishing retailer Pier 1 Imports Inc. on Wednesday announced it has named current Board Chairman Terry E. London to the position of interim president and CEO.

The company made the announcement at the same time it announced solid  third quarter earnings that seemed to please Wall Street.

In the announcement, Pier 1 announced that its Board of Directors has appointed. London as interim president and CEO effective Jan.1, 2017, in conjunction with the planned departure of Alex W. Smith, Pier 1 Imports’ current president and CEO on Dec. 31, 2016.

“I am pleased to step in as Interim CEO as we continue to collaborate with Korn Ferry on our search for a new chief executive officer,” said London. “The board has worked diligently to identify exemplary candidates who share our commitment to delivering long-term shareholder value. Notably, the next leader of Pier 1 Imports will be just the fifth CEO in the company’s nearly 55-year history.”

London has served as the non-executive chairman of the Board of Directors of Pier 1 Imports since June of 2012 and has been a director since 2003. Until July of 2015 he served as chairman of the board of London Broadcasting Co. Inc. which he founded in 2007 to identify and acquire media and entertainment companies. London is also a member of the board of Johnson Outdoors Inc. He was previously president and CEO of Gaylord Entertainment Co., a diversified media and entertainment company, and a member of the Board of Directors of Bass Pro Shops Inc. He began his career with KPMG and is a Certified Public Accountant.

Pier 1 Imports (PIR) also on Wednesday reported fiscal third-quarter net income of $13.6 million.

On a per-share basis, the Fort Worth-based company said it had net income of 17 cents. Earnings, adjusted for non-recurring costs, came to 22 cents per share.

“Sales trends rebounded in the second half of November, following the election, which enabled us to deliver third quarter results well ahead of our forecast,” said Smith in a news release. “Specifically, we had positive company comparable sales and higher than planned profits in the third quarter. We are making progress on our strategies to deliver shareholder value through our merchandising, marketing, supply chain and real estate initiatives. Our seasonal assortments are resonating with customers and we’re seeing strength across nearly all our product categories. As always, we’re pleased with how our teams and associates are executing against our holiday plans.”

Smith said the company’s management has confidence in the current brand positioning and long-term financial outlook.

“Pier 1 Imports has always been known for inspirational merchandise, great value and outstanding customer service.” He said. “Layering our omni-channel capabilities on top of that foundation makes Pier 1 Imports a formidable force in the home furnishings space. Our teams are focused on continually enhancing our business model to ensure that we thrive in today’s era of retailing and well into the future.”

The results exceeded Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 12 cents per share.

The home decor company posted revenue of $475.9 million in the period, also exceeding Street forecasts. Seven analysts surveyed by Zacks expected $467.6 million.

For the current quarter ending in February, Pier 1 expects its per-share earnings to range from 28 cents to 32 cents.

The company expects full-year earnings in the range of 37 cents to 41 cents per share.

For its fiscal third quarter, Pier 1 reported comparable-store sales rose 1.8 percnet, while net sales decreased 0.4 percent. ;

Pier 1 shares have increased 27 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $6.48, a rise of 14 percent in the last 12 months. – This report contains information from the Associated Press.

- Advertisements -
- Advertisements -

Latest News

$1.2B bank acquisition impacts North Texas market

First Mid Bancshares Inc. (NASDAQ: FMBH) and LINCO Bancshares Inc. announced Sept. 28 that First Mid will acquire LINCO, the holding company...

NBC Oklahoma names new vice chairman with Fort Worth roots

NBC Oklahoma has named a new vice chairman, Gabe Gilliam. Gilliam has served on the Holding Company Board for NBC Oklahoma for...

Amazon to kick off holiday shopping with October Prime Day

By JOSEPH PISANI AP Retail Writer NEW YORK (AP) — Amazon is aiming to kickstart the holiday shopping season...

Insider Q&A: Accenture directs capital to Black start-ups

By ALEXANDRA OLSON AP Business WriterNEW YORK (AP) —Kathryn Ross was one of just two Black women in Accenture's Miami office when...

Initial public offerings to debut next week include sporty Texas offering

NEW YORK (AP) — The following is a list of initial public offerings planned for the coming week. Sources include IPO ETF...