UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
DC
20549
FORM 8-K
CURRENT
REPORT
Pursuant to
Section 13 or 15(d) of the
Securities
Exchange Act of 1934
Date of
report (Date of earliest event reported): September
20, 2018
PIER 1 IMPORTS, INC.
(Exact
Name of Registrant as Specified in Charter)
|
DELAWARE |
001-07832 |
75-1729843 |
|
(State or Other Jurisdiction of Incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification No.) |
|
100 Pier 1 Place Fort Worth, Texas |
76102 |
|
(Address of Principal Executive Offices) |
(Zip Code) |
Registrant’s Telephone Number, Including Area Code 817-252-8000
N/A
(Former
Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
⃞ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
⃞ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
⃞ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
⃞ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth
company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934
(§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
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Item 2.02 |
Results of Operations and Financial Condition. |
| On September 20, 2018, Pier 1 Imports, Inc. (the “Company”) issued a press release announcing the Company’s preliminary financial results for the second quarter ended September 1, 2018. A copy of this press release is attached hereto as Exhibit 99.1. | |
| The information contained in this Current Report pursuant to this “Item 2.02 Results of Operations and Financial Condition” is being furnished. The information in this Item of Form 8-K and on Exhibit 99.1 attached hereto shall not be deemed to be filed for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. |
|
Item 9.01 |
Financial Statements and Exhibits. |
| (d) Exhibits. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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PIER 1 IMPORTS, INC. |
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| Date: |
September 20, 2018 |
By: |
/s/ Michael A. Carter |
|
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Michael A. Carter, Executive Vice President Compliance |
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and General Counsel, Secretary |
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Exhibit 99.1
Pier 1 Imports, Inc. Reports Preliminary Second Quarter Fiscal 2019 Financial Results
FORT WORTH, Texas--(BUSINESS WIRE)--September 20, 2018--Pier 1 Imports, Inc. (NYSE:PIR) today announced preliminary financial results for the second quarter of fiscal 2019 ended September 1, 2018. On a preliminary basis, based on the information currently available, the Company expects:
“We are disappointed in our results for the second quarter, which primarily reflect execution challenges as we prepared for and implemented our August brand re-launch,” said Alasdair James, President and CEO. “We are in the very early stages of the multi-year ‘New Day’ strategic plan we announced in April, and while we remain confident that our plan is the right course for Pier 1, it is now clear that our initiatives are taking longer than expected to gain traction. Our marketing program did not drive the level of traffic we had anticipated, and we experienced delays in getting certain new products into our stores.
“Although we now expect sales to turn positive and accelerate later than planned, we are encouraged by early signs of improvement in some of our key customer metrics in recent weeks, including conversion and growth in new, retained and reactivated customers. We also continue to receive positive feedback from customers about our new store environment. Our team has been working tirelessly to implement our ‘New Day’ strategic plan, but there are clearly areas where we need to sharpen our execution moving forward.”
Mr. James concluded, “We continue to see fiscal 2019 as a pivotal year of investment and transition. We are refining key initiatives as needed to better communicate Pier 1’s improved value and deliver a greater level of newness to the customer. Importantly, we are continuing to make progress toward capturing operating efficiencies through initiatives around pricing and promotion, inventory optimization and sourcing and supply chain. Our top priority over the coming months is to take the steps needed to drive long-term growth and profitability.”
Guidance Update
Given that it is taking more time for Pier 1’s ‘New Day’ initiatives to gain traction, the Company is discontinuing its fiscal 2019 guidance at this time; however, the Company expects to continue providing commentary on its forward-looking business trends on its quarterly earnings calls. Pier 1 expects its top-line trend to materially improve as the execution of key initiatives progresses and remains committed to its long-term net sales growth and EBITDA margin targets, but now believes these targets may be achieved over a longer time horizon.
Second Quarter Fiscal 2019 Financial Results Conference Call
The Company will report financial results for the second quarter ended September 1, 2018 after the close of the market on Wednesday, October 3, 2018, and will hold a conference call to discuss these results at 4:00 p.m. Central Time/5:00 p.m. Eastern Time that afternoon. A live audio webcast will be accessible at the Company’s website at https://investors.pier1.com. The call can also be accessed domestically at (866) 378-2926 and internationally at (409) 350-3152, conference ID 5559187.
Financial Disclosure Advisory
The Company reports its financial results in accordance with U.S. generally accepted accounting principles. All financial data in this press release is preliminary and represents the most current information available to the Company’s management, as financial closing procedures for the second quarter ended September 1, 2018 are not yet complete. These estimates are not a comprehensive statement of the Company’s financial results for the three-month period ended September 1, 2018, and actual results may differ materially from these estimates as a result of the completion of normal quarter-end accounting procedures and adjustments, which could result in changes to these preliminary results.
Except for historical information contained herein, the statements in this press release or otherwise made by our management in connection with the subject matter of this press release are forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995) and involve risks and uncertainties and are subject to change based on various important factors. This press release includes forward-looking statements that are based on management’s current estimates or expectations of future events or future results. These statements are not historical in nature and can generally be identified by such words as “believe,” “expect,” “estimate,” “anticipate,” “plan,” “may,” “will,” “intend” and similar expressions. Management’s expectations and assumptions regarding future results are subject to risks, uncertainties and other factors that could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements included in this press release. These risks and uncertainties include, but are not limited to: the fact that the Company’s fiscal 2019 second quarter closing procedures are not complete and therefore actual results may differ materially from preliminary results; the impact of initiatives implemented in connection with the Company’s Pier 1 2021: A New Day three-year strategic plan; the effectiveness of the Company’s marketing campaigns, merchandising and promotional strategies and customer databases; consumer spending patterns; inventory levels and values; the Company’s ability to implement planned cost control measures; risks related to U.S. import policy; and changes in foreign currency values relative to the U.S. dollar. These and other factors that could cause results to differ materially from those described in the forward-looking statements contained in this press release can be found in the Company’s Annual Report on Form 10-K and in other filings with the SEC. Refer to the Company’s most recent SEC filings for any updates concerning these and other risks and uncertainties that may affect the Company’s operations and performance. Undue reliance should not be placed on forward-looking statements, which are only current as of the date they are made. The Company assumes no obligation to update or revise its forward-looking statements.
Pier 1 Imports is proud to offer one-of-a-kind-gotta-have-it-seriously-love-it products that help our customers tell their stories through home décor. Over the past 50 years we’ve grown from a single store to an omni-channel retailer reaching the whole of North America. Our customers shop us online and in store, and interact with us on social media. From the launch of our Pier 1 PICKS to our world renowned Papasan, we bring uniqueness and fun to the world of home décor. We are the perfect place for all your versions of “This is me.” To get inspired or simply get to know us a little better, visit pier1.com.
CONTACT:
The Blueshirt Group
Christine Greany, 858-523-1732
christine@blueshirtgroup.com