EmailPier 1 (PIR $11.13 -0.05) reported first quarter earnings of $0.12 per
share, $0.01 better than the Capital IQ Consensus Estimate of $0.11.
Revenues rose 9.2% year/year to $334.6 million versus the $335 million
consensus, while comps were +10.2%; the company raised guidance on June 2.
The sales increase for the quarter was primarily the result of increases in
store traffic, conversion rate and average ticket. Merchandise margins for the
quarter were 59.8% of sales compared to 58.6% of sales in the same period last
year. The 120 bp improvement in merchandise margins continues to be positively
impacted by strong input margins and well-managed inventory levels.
Under the $100 million initial share repurchase program, the Company repurchased
264,400 shares of its common stock during the first quarter at a weighted
average cost of $11.82 per share and a total cost of ~$3.1 million. Since the
end of the first quarter, the co has repurchased an additional 951,812 shares of
its common stock at a weighted average cost of $11.25 per share and a total cost
of ~$10.7 million.
than one year.
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