For the quarter that ended May 30, 2015, the home furnishings and decor company reported net income of $6.9 million or 8 cents per share, compared to last year's first quarter net income of $15.1 million or 16 cents per share.
The results were in line with analysts' estimates who forecast the company to report earnings of 8 cents per share.
While net income decreased, total sales for the first quarter increased 3.1% to $432 million, compared to $419.1 million in the same period last year.
"We are pleased to deliver earnings per share in line with our expectations, reflecting revenue growth of 3%, as well as careful attention to expense control," CEO Alex Smith said. "E-Commerce continues to perform exceptionally well, generating strong improvement across all performance metrics, and accounting for nearly 17% of total sales in the quarter."
Separately, TheStreet Ratings team rates PIER 1 IMPORTS INC/DE as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate PIER 1 IMPORTS INC/DE (PIR) a HOLD. The primary factors that have impacted our rating are mixed, some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth, attractive valuation levels and largely solid financial position with reasonable debt levels by most measures. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, disappointing return on equity and a generally disappointing performance in the stock itself."