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Pier 1 Imports profit misses consensus by 24.7% in fiscal Q2

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Pier 1 Imports profit misses consensus by 24.7% in fiscal Q2

Pier 1 Imports Inc. said its normalized net income for the fiscal second quarter ended Aug. 30 amounted to 10 cents per share, compared with the S&P Capital IQ consensus estimate of 13 cents per share.

EPS decreased 40.6% year over year from 17 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $9.2 million, a decrease of 48.8% from $18.0 million in the prior-year period.

The normalized profit margin declined to 2.2% from 4.5% in the year-earlier period.

Total revenue rose 5.8% year over year to $418.6 million from $395.6 million, and total operating expenses climbed 9.7% on an annual basis to $402.1 million from $366.6 million.

Reported net income declined 49.2% from the prior-year period to $9.3 million, or 10 cents per share, from $18.2 million, or 17 cents per share.