Pier 1 Imports, Inc. (NYSE:PIR) today reported sales results for the second quarter ended August 25, 2012.
Second Quarter Highlights
- Comparable store sales increased 6.7% on top of last year’s 10.8% gain; three-year cumulative comparable store sales increased 28.7%
- Total sales increased 8.3% to $368 million
- Gross profit expected to be approximately 41.2% of sales versus 39.6% of sales last year
- Earnings per share expected to be approximately $0.24 (GAAP) and $0.19 (non-GAAP) versus $0.14 in the second quarter of fiscal 2012 (see reconciliation below of expected earnings per share to adjusted expected non-GAAP earnings per share)
Comparable store sales for the second quarter ended August 25, 2012 increased 6.7% compared to an increase of 10.8% for the second quarter ended August 27, 2011. Total sales for the quarter improved 8.3% to $368 million compared to $340 million in the year-ago quarter. Comparable store sales for the first six months of fiscal 2013 increased 7.0% versus a comparable store sales increase of 10.5% in the year-ago period. Total sales for the first six months increased to $729 million from $674 million for the same period last year. Merchandise margins for the second quarter are expected to be approximately 60.1% of sales, up from last year’s second quarter merchandise margins of 59.4% of sales. Gross profit is expected to be approximately 41.2% of sales for the second quarter versus 39.6% of sales for the second quarter of last year.
Earnings per share for the second quarter of fiscal 2013 are expected to be approximately $0.24 (GAAP) and $0.19 (non-GAAP) compared to $0.14 in the second quarter last year. During the second quarter of this year, the Company reversed a reserve for uncertain income tax positions for which the statute of limitations expired. In addition, the Company reversed accrued interest related to this uncertain tax position. The Company’s effective tax rate for the fiscal year is expected to be approximately 35.6% of pre-tax income. Utilizing an effective tax rate of 35.6% and excluding the reversal of accrued interest mentioned above, second quarter adjusted earnings on a non-GAAP basis, as described below under Financial Disclosure Advisory, are expected to be approximately $0.19 per share.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV