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Pier 1 Imports trims FY'18 EPS forecast

Home furnishings retailer Pier 1 Imports Inc. on Dec. 13 lowered its fiscal full-year 2018 forecast as the company reported results for its fiscal third quarter ended Nov. 25.

The Texas-based retailer revised its GAAP EPS outlook to a range of 10 U.S. cents to 18 cents, down from the previous guidance range of 31 cents to 41 cents given Sept. 27 with fiscal second-quarter results. Adjusted EPS was lowered to a range of 17 cents to 25 cents from the previous range of 38 cents to 48 cents.

The company's full-year forecast for net sales growth is now approximately flat, compared to previous guidance ranging from flat to 2%.

For the fiscal third quarter, Pier 1's net sales fell 1.4% to $469.2 million from $475.9 million a year ago. EPS came in at 9 cents, compared to GAAP EPS of 17 cents and adjusted EPS of 22 cents during the third quarter of fiscal 2017.