Pier 1 Imports, Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended November 26, 2016; Provides Earnings Guidance for the Fourth Quarter and Full Year of Fiscal 2016
For the nine months, the company reported net sales of $1,300,094,000 against $1,349,905,000 a year ago. Operating income was $10,106,000 against $41,600,000 a year ago. Income before income taxes was $2,606,000 against $32,857,000 a year ago. Net income was $3,488,000 against $20,959,000 a year ago. Diluted earnings per share were $0.04 against $0.24 a year ago. Net cash provided operating activities was $5,073,000 against $41,864,000 a year ago. Capital expenditures were $39,559,000 against $41,864,000 a year ago. EBITDA totaled $52.1 million, compared to $79.7 million in the year-ago period. Adjusted net income was $7.5 million or $0.09 a year ago.
For the fourth quarter of 2016, the company provided its financial guidance. The company expects comparable sales contracting approximately negative 1% to positive 1%, negative net sales growth of 3% to 1%, earnings per share in the range of $0.26 to $0.30, adjusted earnings per share in the range of $0.28 to $0.32.
For the fiscal 2016, the company provided its financial guidance. The company expects comparable sales contracting approximately negative 2% to flat growth, negative net sales growth of 4% to 2%, earnings per share in the range of $0.30 to $0.34, adjusted earnings per share in the range of $0.37 to $0.41, depreciation of approximately $56 million, CapEx of $48 million.