Shares of Pier 1 Imports Inc. (PIR, Financial) fell more than 20% on Friday after announcing preliminary financial results for the second quarter of fiscal 2019 ended Sept. 1, 2018. The company posted a loss per share in the range of 62 to 64 cents.
Comparable sales declined 11.4% compared to the second quarter of fiscal 2018. Further, quarter-end inventories to decrease about 17% versus a year ago.
“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, Pier 1 president and CEO.
Looking ahead, James said: “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.”
Shares of United Natural Foods Inc. (UNFI, Financial) fell more than 11% after reporting fourth-quarter earnings per share of 76 cents on revenue of $2.59 billion, reflecting 10.7% year-over-year growth. The company fell short earnings estimates by 9 cents and revenue estimations by $20 million.
The gross margin was 14.50%, a decrease of 125 basis points from 15.75% for the same trimester the prior year and operating margin declined 50 bps to 2.2% of sales, less than the 2.6% consensus estimate. Adjusted Ebitda was $81.0 million, a decrease of 6.4% from $86.5 million.
The company plans to conclude the buyout of SuperValu Inc. (SVU) in this quarter and expects to provide better competing grounds to the company in the grocery space via more offerings.
Shares of Micron Technology Inc. (MU, Financial) fell more than 2% after reporting fourth-quarter earnings per share of $3.53 on revenue of $8.44 billion, reflecting 37.5% year-over-year growth. The company beat earnings by 19 cents and revenue estimations by $190 million.
"Micron delivered an exceptional fourth quarter and capped record fiscal year results by becoming the second largest semiconductor company in the U.S.," said Sanjay Mehrotra, the company's president and CEO.
Also, the stock was down after President Trump's decision to apply tariffs on China-made imports, because it could hurt the company's profits.
Disclosure: The author holds no position in any stocks mentioned.
