(Bloomberg News photo by David Paul Morris).
FORT WORTH, Texas (AP) Pier 1 Imports Inc. (PIR) on Wednesday reported fiscal fourth-quarter net income of $15.1 million.
On a per-share basis, the Fort Worth-based company said it had profit of 19 cents. Earnings, adjusted for non-recurring costs, came to 21 cents per share.
The results exceeded Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 18 cents per share.
The home decor company posted revenue of $512.2 million in the period, which fell short of Street forecasts. Four analysts surveyed by Zacks expected $538.3 million.
For the year, the company reported profit of $11.6 million, or 14 cents per share. Revenue was reported as $1.8 billion.
On Thursday, April 19, Pier 1 will share plans for a new strategic plan for the company with analysts.
“Our financial performance in fiscal 2018, and specifically the fourth quarter, underscores the urgent need for change, which we are addressing in the three-year strategic plan we will present [April 19],” said Alasdair James, president and CEO. “In fiscal 2019, we will be investing in the tools and resources needed to execute against the plan. We are confident in the potential of the business to respond and have already begun implementing new initiatives across sourcing, supply chain, stores, merchandising, marketing and promotions. These investments will pressure profitability in the near-term, bringing us to an expected net loss for the full year in fiscal 2019, but are expected to drive sales growth and profitability in fiscal 2020 and 2021 and are necessary to help us return the business to a sustainable growth trajectory.”
In the final minutes of trading on Wednesday, the company’s shares hit $3.46. A year ago, they were trading at $6.88.