Wedbush Reiterates Outperform Rating On Pier 1

According to Wedbush, Pier 1 Imports PIR will report Q4 results before market open on Thursday, April 7. Wedbush reported that merchandise margins have been driven by less promotional and clearance pricing, lower vendor and supply chain costs, and well managed inventory. “Previously reported, Q4 comps were up 8.9% vs. 6.5%, above our/consensus estimates of 8.0%/6.6%. The company saw better sell-through of Holiday merchandise, leading to lower post-Christmas sales and higher merchandise margins. Valentine's Day merchandise had stronger sell-through as well, and Easter merchandise was said to be tracking ahead of last year. The company said early reads on outdoor and spring assortments were encouraging, and core assortments continue to strengthen as well. Total sales were up 7.8% to $427 million. Traffic, conversion, and ticket were all positive. December comps were up 10.3%.” Pier 1 Imports closed yesterday at $10.28.