Uploaded by FinancialNewsOnline on Dec 15, 2011
This is what's in the news for Thursday December 15th. The Wall Street Journal reports, inexpensive e-book prices are shifting quickly, as publishers narrow the gap between print and e-versions of some top sellers, and in some cases, e-books are more expensive than printed books. Google (GOOG) is expected to invest $120 million in a data center in Singapore, in a move to significantly expand operations in Asia. The center is slated for completion in early 2013. Michael Kors is now trading on the street with a 47.2 million share IPO priced at $20.00. The deal size was increased to 47.2 million shares from 41.7 million shares and priced above the $17.00-$19.00 range. Morgan Stanley, JP Morgan and Goldman acted as joint book running managers for the offering.
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Pier 1 Imports (NYSE:PIR) reported Q3 EPS of $0.21, inline with consensus estimates.
Uploaded by FinancialNewsOnline on Dec 15, 2011
Pier 1 Imports (NYSE:PIR) reported Q3 EPS of $0.21, inline with consensus estimates.
Revenues in the quarter rose 8.5% year-over-year to $382.7 million, topping estimates by $4 million.
Alex W. Smith, President and Chief Executive Officer, commented, "We are very pleased with the results of our third quarter. Our strong product assortments, the right balance of regular and promotional pricing and a great store experience are driving robust sales and merchandise margin growth. December sales so far are strong and we expect this trend to continue for the final ten days leading up to Christmas. Our growth plan is on track as we execute our business model with increasing finesse. Operating margins and sales per retail square foot continue to grow. Pier 1 To-Go, which allows customers to order online and pick-up and pay in-store, is positively impacting top line sales and our new e-commerce enabled site will launch next summer. We look forward to discussing our third quarter results in more detail and providing updates to the balance of the year and our three-year growth plan initiatives later this morning on our conference call."
Revenues in the quarter rose 8.5% year-over-year to $382.7 million, topping estimates by $4 million.
Alex W. Smith, President and Chief Executive Officer, commented, "We are very pleased with the results of our third quarter. Our strong product assortments, the right balance of regular and promotional pricing and a great store experience are driving robust sales and merchandise margin growth. December sales so far are strong and we expect this trend to continue for the final ten days leading up to Christmas. Our growth plan is on track as we execute our business model with increasing finesse. Operating margins and sales per retail square foot continue to grow. Pier 1 To-Go, which allows customers to order online and pick-up and pay in-store, is positively impacting top line sales and our new e-commerce enabled site will launch next summer. We look forward to discussing our third quarter results in more detail and providing updates to the balance of the year and our three-year growth plan initiatives later this morning on our conference call."
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