The company reported adjusted earnings per share of 60 cents, which beat the Capital IQ consensus estimate of 43 cents. Revenue declined 6.5% year over year to $515.8 million, but this still surpassed the estimate of $512.65 million. Comparable-store sales rose 2.4%, while gross profit was $745.6 million, or 42.1% of sales.
For the upcoming fiscal year, Pier 1 forecasts guidance of $1.16 to $1.24 a share, in line with the consensus estimate of $1.24 a share. The company also expects comparable-store sales growth in the mid single-digits.
The stock was up 1.54% to $18.50 in pre-market activity on Thursday.
Separately, 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 revenue growth, reasonable valuation levels, good cash flow from operations, increase in net income and largely solid financial position with reasonable debt levels by most measures. We feel these strengths outweigh the fact that the company has had lackluster performance in the stock itself."