Dallas, Texas 06/26/2015 (Financialstrend) – Pier 1 Imports Inc (NYSE:PIR), the US-based global home décor and furniture importer, had good news for its investors. The company has declared $0.07 per share as the quarterly dividend. The cash dividend payable August 5, 2015 will be accredited to shareholders as of July 22, 2015. The dividend remains in-line with its previous quarterly payout. The forward yield expected is 2.27%.
Pier 1 continues to be a ‘Buy’
Pier 1 Imports Inc (NYSE:PIR) first quarterly results have allayed many investment fears. The company had announced its earnings report on June 17, and revealed revenue growth of 3.9% on constant currency basis, and an adjusted EPS of $0.08. Despite the weakness showed by the Canadian dollar, the company was able to report in-line EPS and align with guidance range. However, sales were lighter than the announced guidance of 4%. But, the months of March and May were in-line, with April being a disappointing month.
Analysts continue to feel there is good upside, given the fiscal results and the momentum thus far. The results have definitely reconciled several risks and uncertainty as well as investor concerns. Therefore, Pier 1 Imports Inc (NYSE:PIR) should be back among the big share rallies once again, forecast analysts. Besides, the sales have been strong in later half of May and into June, analysts have noted.
Additionally, there has been a change at the executive level as well, following previous quarters’ disappointing show. With the exit of Charles Turner, the CFO, a strong message of the lengths the company is willing to make was sent to the investor community. There have been subtle updates, besides. The management has lowered sales guidance marginally, as well as the comparable sales guidance. However, it has retained the EPS guidance as it hopes to play the ‘SG&A expenses’ to contain overheads.