On Wednesday, Pier 1 Imports Inc (NYSE:PIR)’s shares declined -1.15% to $12.01.
Pier 1 Imports Inc (PIR) stated financial results for the first quarter ended May 30, 2015.
Alex W. Smith, President and Chief Executive Officer, stated, “We are happy to deliver earnings per share in line with our expectations, reflecting revenue growth of 3%, in addition to careful attention to expense control. E-Commerce continues to perform exceptionally well, generating strong improvement across all performance metrics, and accounting for nearly 17% of total sales in the quarter.”
First Quarter Fiscal 2016 Results
For the first quarter ended May 30, 2015, the Company stated net income of $6.9 million, or $0.08 per share, contrast to last year’s first quarter net income of $15.1 million, or $0.16 per share. Total sales for the first quarter raised 3.1% (3.9% on a constant currency basis after adjusting for an 80 basis point impact attributable to the year-over-year devaluation of the Canadian Dollar) to $432.0 million, contrast to $419.1 million in the same period last year. Company comparable sales raised 2.0% (2.8% on a constant currency basis).
Merchandise margin (the result of adding back delivery, fulfillment and store occupancy costs to gross profit) in the first quarter totaled $248.0 million, or 57.4% of total sales, contrast to $246.4 million, or 58.8% of total sales in the first quarter of fiscal 2015. As declared in the Company’s fiscal 2015 year-end earnings press release and accompanying conference call, the incremental costs related to the Company’s distribution network, which were predictable to affect this year’s first and second quarters, pressured merchandise margin during the period. Gross profit in the first quarter totaled $164.7 million, or 38.1% of total sales, contrast to $167.7 million, or 40.0% of total sales in the first quarter of fiscal 2015. For the period ended May 30, 2015, contribution from operations totaled $84.8 million, contrast to $91.4 million during the same period last year.
Pier 1 Imports, Inc. engages in the retail sale of decorative home furnishings, furniture, gifts, and related items. The company offers decorative accents and textiles, such as rugs, wall decorations and mirrors, pillows, bedding, lamps, vases, dried and artificial flowers, baskets, ceramics, dinnerware, candles, fragrance, gift, and seasonal items. It also provides furniture and furniture cushions that are used in living, dining, office, kitchen, bedroom areas, sunrooms, and patios.
CenterPoint Energy, Inc. (NYSE:CNP)’s shares gained 1.62% to $19.39.
CenterPoint Energy, Inc. (CNP) has elected to make a Reference Share Offer Adjustment and distribute Additional Interest, if any, in accordance with the terms of CenterPoint Energy’s 2.0 percent Zero-Premium Exchangeable Subordinated Notes due 2029 (ZENS) rather than electing to enhance the Early Exchange Ratio to 100 percent during the pendency of Verizon Communications Inc.’s (NYSE, Nasdaq: VZ) tender offer.
According to the terms of Verizon’s tender offer offered in Plan TO filed with the Securities and Exchange Commission on May 26, 2015, (a) the tender offer is being made solely for cash and expires at 11:59 p.m. (New York City time) on June 22, 2015, unless the offer is extended or earlier terminated; and (b) Verizon anticipates to acquire all remaining shares of AOL for the same cash price in the subsequent merger of AOL with a partner of Verizon, if it consummates its tender offer.
Distributions of Additional Interest on the ZENS are therefore predictable to be made by CenterPoint Energy in connection with the consummation of Verizon’s tender offer and the subsequent merger of AOL with a partner of Verizon. CenterPoint Energy’s distribution of Additional Interest in connection with the Reference Share Offer is predictable to be proportionate to the percentage of eligible shares that are validly tendered by AOL stockholders in Verizon’s tender offer.
CenterPoint Energy, Inc. operates as a public utility holding company in the United States. The companys Electric Transmission & Distribution segment offers electric transmission and distribution services to retail electric providers, municipalities, electric cooperatives, and other distribution companies. As of December 31, 2014, this segment owned 28,282 pole miles of overhead distribution lines and 3,719 circuit miles of overhead transmission lines; 22,435 circuit miles of underground distribution lines and 26 circuit miles of underground transmission lines; and 236 substations with a capacity of 57,477 megavolt amperes.
At the end of Wednesday’s trade, Progressive Corp (NYSE:PGR)‘s shares surged 0.58% to $27.87.
The Cleveland Cavaliers’ hard-working guard Matthew Dellavedova—affectionately known as “Delly”—has emerged as a star of the 2015 NBA Finals. His grit and determination on the court has proven that, when you play with heart, people notice. So, Progressive Corp (PGR) introduced “Delly All Heart Coverage
With “Delly All Heart Coverage,” Progressive will make a $1,000 donation to the Boys & Girls Clubs of Cleveland for each free-throw Delly makes.
The donations run through the rest of the 2015 NBA finals, which Delly’s Cavaliers presently lead 2-1 over the Golden State Warriors. The teams meet for Game 4 at Cleveland’s Quicken Loans Arena on Thursday night.
The Progressive Corporation, an insurance holding company, provides personal and commercial property-casualty insurance, and other specialty property-casualty insurance and related services primarily in the United States. The company’s property-casualty insurance products protect its customers against losses due to collision and physical damage to their motor vehicles, uninsured and underinsured bodily injury, and liability to others for personal injury or property damage arising out of the use of those vehicles. Its Personal Lines segment writes insurance for personal autos and recreational and other vehicles.
Hersha Hospitality Trust (NYSE:HT), ended its Wednesday’s trading session with -0.79% loss, and closed at $6.31.
Hersha Hospitality Trust (HT) declared that the Company will release its financial results for the second quarter 2015 after the market close on Tuesday, July 28, 2015. The Company will host a conference call to talk about these results at 9:00 a.m. Eastern Time on Wednesday, July 29, 2015. Hosting the call will be Mr. Jay H. Shah, Chief Executive Officer, Mr. Neil H. Shah, President and Chief Operating Officer, and Mr. Ashish Parikh, Chief Financial Officer.
Hersha Hospitality Trust, a real estate investment trust, engages in the ownership and operation of mid scale limited service hotels in the Eastern United States. As of June 30, 2005, it owned interests in 35 hotels, counting 4 hotels owned through joint ventures in Pennsylvania, New York, New Jersey, Maryland, Georgia, Connecticut, and Massachusetts.
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