NEW YORK (TheStreet) -- Pier 1 Imports (PIR - Get Report) stock is dropping today after first-quarter earnings and revenue fell short of analysts' estimates and management cut full-year guidance. By midafternoon, shares had tumbled 13.3% to $15.84.
Over the three months to May, the company earned 16 cents a share, 4 cents less than what analysts surveyed by Thomson Reuters expected. Revenue of $419 million fell short of expectations of $422.8 million.
For fiscal 2015, management reduced earnings guidance to between $1.14 and $1.22 a share from prior guidance of $1.16 to $1.24 a share. Analysts had forecast $1.21 a share.
Must read: Warren Buffett's 25 Favorite StocksSTOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more. TheStreet Ratings team rates PIER 1 IMPORTS INC/DE as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation: "We rate PIER 1 IMPORTS INC/DE (PIR) a BUY. This is driven by several positive factors, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its attractive valuation levels, largely solid financial position with reasonable debt levels by most measures, expanding profit margins and notable return on equity. We feel these strengths outweigh the fact that the company has had sub par growth in net income."
- You can view the full analysis from the report here: PIR Ratings Report