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Pier 1 Imports (PIR) saw its loss narrow to $2.99 million, or $0.04 a share for the quarter ended May 27, 2017. In the previous year period, the company reported a loss of $6.02 million, or $0.07 a share.
Revenue during the quarter went down marginally by 2.11 percent to $409.52 million from $418.37 million in the previous year period. Gross margin for the quarter expanded 141 basis points over the previous year period to 37.02 percent. Operating margin for the quarter stood at negative 0.57 percent as compared to a negative 1.87 percent for the previous year period.
Operating loss for the quarter was $2.32 million, compared with an operating loss of $7.81 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $11.60 million compared with $6.80 million in the prior year period. At the same time, adjusted EBITDA margin improved 121 basis points in the quarter to 2.83 percent from 1.63 percent in the last year period.
"During the first quarter, our teams continued to make progress against our key initiatives around merchandising, marketing, supply chain, real estate and cost," said Alasdair James, president and chief executive officer. "Whilst we've shown operational improvement for several consecutive quarters, there is still much to be done to build the business to its full potential, significantly strengthen our profitability and increase shareholder value."
For fiscal year 2018, Pier 1 Imports forecasts revenue to grow in the range of 1.50 percent to 2.50 percent. The company expects diluted earnings per share to be in the range of $0.46 to $0.52.
For the second-quarter 2018, The company expects diluted loss per share to be in the range of $0.08 to $0.04.
Operating cash flow declinesPier 1 Imports has generated cash of $28.93 million from operating activities during the quarter, down 13.70 percent or $ 4.59 million, when compared with the last year period. The company has spent $12.93 million cash to meet investing activities during the quarter as against cash outgo of $9.45 million in the last year period.
The company has spent $8.84 million cash to carry out financing activities during the quarter as against cash outgo of $11.26 million in the last year period.
Cash and cash equivalents stood at $161.62 million as on May 27, 2017, up 26.24 percent or $33.59 million from $128.03 million on May 28, 2016.
Debt remains almost stable
Pier 1 Imports has recorded a decline in total debt over the last one year. It stood at $200.78 million as on May 27, 2017, down 0.58 percent or $1.18 million from $201.96 million on May 28, 2016.
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