For the fourth quarter ended February 25, one that helped the company finish the year on a high note, Pier 1 Imports posted net income of $26.6 million, or 33 cents per share, versus $18.7 million, or 23 cents per share, in the fiscal year-before period.
Adjusted net income in the fiscal 2017 fourth quarter, which excludes costs related to the departure of Pier 1’s former CEO, totaled $27.8 million, or 34 cents per share. Adjusted net income per share exceeded a MarketBeat analyst average estimate by a penny.
Comparable sales gained 0.2% from the year-earlier quarter. E-commerce sales totaled $103.1 million, up 28% from the quarter a year previous. E-commerce represented 19.5% of net sales in the fourth quarter versus 15% of net sales in the fiscal 2016 period. Net sales for the fourth quarter decreased 2.6% to $528.4 million year over year, according to the company. Fourth quarter fiscal 2017 operating income was $44.8 million versus $33.6 million in the year-previous period.
For the full fiscal year, Pier 1 posted net income of $30.1 million, or 37 cents per share, versus $39.6 million, or 46 cents per share, in the previous fiscal year. Adjusted net income in fiscal 2017 totaled $35.7 million, or 44 cents per share. Comps decreased 1% from the year earlier. E-commerce represented 20% of net sales versus 16% of net sales in fiscal 2016. Net sales decreased 3.4% to $1.83 billion year over year. Fiscal 2017 operating income was $54.9 million versus $75.2 million in the previous year.
Terry London, Pier 1 interim president and CEO, said, “We are pleased to conclude the year with strong fourth quarter results. We gained momentum in the second half of the year, as our initiatives to drive improved financial performance took hold. Notably, we strengthened our top-line trend, highlighted by positive company comparable sales, improved merchandise margins, controlled operational costs and increased profitability. Our omnichannel platform is enabling us to compete effectively in a challenging environment and positions us to deliver long-term success and increased shareholder value.”
