On Tuesday,Shares of Pier 1 Imports Inc (NYSE:PIR), added 6.83% and closed at $5.63 in the last trading session. The last trading range of the stock ranges between $5.46 and $5.74. Pier 1 Imports, Inc. (PIR) today updated its third quarter fiscal 2017 financial guidance to reflect recent business trends.
“Our merchandise, promotional and marketing initiatives are resonating well with our customers,” said Alex W. Smith, President and Chief Executive Officer. “Comparable sales quarter-to-date through October grew at a low single-digit rate. The election appears to have disrupted sales during the first ten days of November but we anticipate that sales trends will improve as we move through the month. We are seeing strength in our gross margin – a result of great merchandise, balanced promotional activity and efficiency improvements in the supply chain. Based on trends so far this quarter, we now expect our fiscal third quarter results to be at the high-end of our previously guided ranges for comparable and net sales, merchandise margin, earnings per share and adjusted earnings per share.”
Mr. Smith continued, “The critical days of the holiday season are still ahead of us and we are highly focused on strong execution of our holiday plans. We are seeing strength in all of our holiday categories, which bodes well for both sales and merchandise margin. Over the longer term, we will focus on the creation of unique merchandise assortments which define the Pier 1 Imports brand and continue to enhance our already significant omni-channel capabilities to help drive sales, expand market share and improve profitability.”