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Pier 1 Imports, Inc. Reports Second Quarter Fiscal 2020 Financial Results
FORT WORTH, Texas--(BUSINESS WIRE)--September 25, 2019--Pier 1 Imports, Inc. (NYSE:PIR) today reported financial results for the second quarter ended August 31, 2019.
Second Quarter Fiscal 2020 Financial Summary
- Company comparable sales decreased 12.6% compared to the second quarter of fiscal 2019;
- Net sales decreased 14.3% to $304.6 million compared to the second quarter of fiscal 2019;
- Net loss of $100.6 million, or ($24.29) per share;
- Inventory of $328.6 million, down approximately 15% year-over-year; and
- Cash and cash equivalents of $10.0 million at quarter end, $190.0 million outstanding under its senior secured term loan, $50 million of borrowings under the Company’s FILO tranche and $55 million of borrowings under its $350 million revolving credit facility.
Cheryl Bachelder, Interim CEO, stated, “As we expected, sales and margins remained under pressure in the second quarter. We exited non-go-forward products through aggressive clearance actions, which was the primary driver of our net loss in the quarter. However, the strategic decision to clear through goods paved the way for our merchandise and marketing reset this fall. Fresh assortments began flowing into stores during the final weeks of the quarter and as we move closer to holiday, we look forward to delivering more of the unique, on-trend seasonal goods the Pier 1 brand is known for.”
Ms. Bachelder concluded, “The organization continues to make progress against our fiscal 2020 action plan, and we remain on track to achieve benefits of $100-$110 million this year, as previously outlined. While we anticipate that our merchandising and marketing initiatives will start to gain traction during the second half, we expect a gradual recovery and believe we’ll be positioned to demonstrate year-over-year improvement in company comparable sales and gross margin rate beginning in the fourth quarter. Our teams are working diligently to turn the business around and we believe that Pier 1 can prosper once again.”
Second Quarter Fiscal 2020 Results of Operations
Net sales for the second quarter of fiscal 2020 decreased 14.3% to $304.6 million, compared to $355.3 million for the second quarter of fiscal 2019. Company comparable sales decreased 12.6% compared to the year ago period, reflecting lower average customer spend, which is primarily attributable to changes in the Company’s merchandise mix, as well as decreased store traffic. The Company operated 951 stores at the end of the second quarter, a decrease of 38 from the second quarter of fiscal 2019.
The following information was filed by Pier 1 Imports Incde (PIR) on Wednesday, September 25, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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