Pier 1 Imports Inc. (PIR) reported first-quarter net income of $20.3 million, or $0.19 per share, up from $17.8 million, or $0.16 per share in the year ago quarter. Analysts polled by Thomson Reuters expected the company to report earnings of $0.19 per share for the quarter. Analysts' estimates typically exclude special items.
Total sales for the first quarter were $394.9 million, a 9.3% increase versus $361.1 million in the year-ago quarter. Twelve analysts had consensus revenue estimate of $395.02 million for the quarter.
Comparable store sales increased 5.9% during the first quarter compared to last year's comparable store sales gain of 7.2%. Comparable store sales results for the quarter were primarily attributable to increases in store traffic and higher average ticket.
The company said that it has amended, renewed and extended its secured, asset-based revolving credit facility. The facility was amended to extend the maturity date from April 2016 to June 2018 and increase the size of the facility from $300 million to $350 million. The amended facility includes a $100 million accordion feature, which if the Company chose to utilize, would enable it to increase the line to as much as $450 million under certain circumstances. The facility is secured by Pier 1 Imports' merchandise inventory and credit card receivables.
The company noted that it expects to continue funding its working capital requirements with cash flow from operations but may use the facility for general corporate purposes.
For fiscal 2014, the company now expects earnings to be in the range of $1.27 to $1.32 per share, compared to prior guidance of $1.26 to $1.31 per share. The company still expects comparable store sales growth to be in the mid single-digit range. Analysts expect the company to report earnings of $1.32 per share for fiscal 2014. The guidance for fiscal 2014 is on a comparable 52-week basis.
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