Pier 1 Imports Stock Active As Company Posts Mixed Earnings
Ticker.tv News | Sep 29, 2016 07:56AM ET
Pier 1 Imports Inc (NYSE:PIR)
Pier 1 Imports, Inc. (PIR), a north american retail chain store company yesterday reported their second quarter fiscal 2017 financial results. Pier 1 reported second quarter earnings of a loss of $0.05 per share which is what analyst were expecting. Pier 1 reported second quarter revenues of $405.8 million which was below analyst expectations of $407 million.
h3 Pier 1 Imports, Inc. CEO’s Comments/h3h3 PIR Technical Analysis/h3Alex W. Smith, President and CEO, stated, “Our top-line results reflect soft store traffic levels throughout the second quarter, most notably in July. To drive our business, we have many initiatives currently underway which include: our return to television advertising; merchandise refreshes, including the arrival of new and fall seasonal goods; new floor sets; gift registry introduction; full implementation of our multi-tender loyalty program; and an effective and balanced promotional plan.” Mr. Smith continued, “As we moved through August and into September, we have seen improvement in our sales and merchandise margin trends; however, we remain cautious regarding our sales outlook given that it’s early in the quarter and our biggest selling season is still ahead of us.” “We believe our Pier 1 Imports stores and website are well positioned moving into the holidays and will demonstrate the unique Pier 1 Imports selling proposition. I know that our wonderful Pier 1 Imports associates will continue to focus on delighting our customers at every turn, highlighting our assortments and our brand.” Mr. Smith concluded, “With our omni-channel model in place, we are confident in the programs we have underway to help drive sales, improve our supply chain efficiency, optimize our real estate portfolio and further reduce costs, which we believe will lead to greater value creation for our shareholders.” Business Wire
PIR opened trading yesterday at $4.32 which was up from previous days trading close of $4.18. PIR closed trading yesterday at $4.27 and spiked up after market to $4.64, equivalent to a 9% increase from the closing price. Taking a look at the daily chart we can see the last time PIR traded above these levels we have to go back to September 7th when it traded at $4.80. Taking a closer look at the daily chart we can see that before PIR has been in an overall downward trend dating back to April 13th when it traded at $7.20. PIR has a float of 69.85 million shares and traded 1.29 times the normal daily trading volume on Wednesday. For trading purposes, I would like to see PIR open trading on Thursday above $4.50 and if it does I would be looking to take a long position at the bell. My stop loss would be $0.10 from my entry position fearing anything more than that and the stock would start to fill in the gap up.
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Pier 1 Imports, Inc. engages in the retail sale of decorative accessories, furniture, candles, housewares, gifts, and seasonal products. It offers decorative accents and textiles, such as rugs, wall decorations and mirrors, pillows, bedding, lamps, vases, dried and artificial flowers, baskets, ceramics, dinnerware, candles, fragrance, gifts, and seasonal items. The company also provides furniture and furniture cushions that are used in living, dining, office, kitchen and bedroom areas, sunrooms, and patios. Further, it supplies merchandise and licenses the Pier 1 Imports name. The company sells its products through retail stores and e-Commerce Website. As of February 27, 2016, the company operated 953 stores in the United States and 79 stores in Canada. Pier 1 Imports, Inc. was founded in 1970 and is headquartered in Fort Worth, Texas.
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