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Friday, January 22, 2021

Pier 1 reduces 4Q and full-year forecasts; blames bad weather

FORT WORTH, Texas (AP) — Pier 1 Imports is reducing its fiscal fourth-quarter and full-year forecasts again, saying bad winter weather has caused customers to stay away from its stores.

The home decor company had initially lowered the outlooks in January. On Friday President and CEO Alex Smith said in statement that the retailer needed to trim its forecasts again because recent winter weather conditions led to some temporary store closings and “considerably” weaker store traffic.

“Our fourth-quarter results are frustrating and disappointing. However, we know the weather will eventually end and we can get back to more typical business trends,” he said.

Pier 1 Imports Inc. now anticipates fourth-quarter earnings between 40 cents and 41 cents per share. Revenue is projected in a range of about $512 million to $514 million. Its prior guidance was for earnings of 47 cents to 52 cents per share. The company previously predicted revenue would increase by a low- to mid-single digit percentage rate.

For the full year, Pier 1 now expects earnings of $1 to $1.01 per share, down from its prior guidance of $1.07 to $1.12 per share. Revenue is predicted to climb about 5.5 percent. The company previously anticipated revenue would rise by a mid- to high-single digit percentage rate.

Analysts surveyed by FactSet expect fourth-quarter earnings of 50 cents per share and full-year earnings of $1.10 per share.

Pier 1, based in Fort Worth, will report its fourth-quarter and full-year results on April 10.

Its shares finished at $20.06 per share on Thursday. Its shares are down more than 10 percent since a year ago.

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.

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