Pier 1 Imports Inc. (PIR) is a global importer of home décor and furniture operating through retail stores and an e-commerce website conducting business under the name Pier 1 Imports. The stock is currently trading around $12.13 at the upper end of its 52 week range of $11.38-$18.45. The stock has been underperforming the market this year falling 21.36% year to date. PIR is scheduled to report earnings after the closing bell today, and the stock is fairly flat moving only $0.02 down on the session ahead of the close.

Over the past 12 quarters PIR has rallied on earnings day 6 times with an average move of 7.32%. The stock appears bearish on chart going into the release having traded below the Ichimoku Cloud for the past couple month on the daily bars. Over the past 12 quarters PIR has rallied from earnings to the nearest options expiration 5 times with an average move of 7.48%. The stock looks as if it could continue its trend and lower further in today’s session. Investors are mainly looking to see strong macroeconomic data implies strong revenue growth for the company. Furniture and Home Furnishings Store Sales economic data has shown healthy gains in the Home Goods retail space over the past 5 years with Pier1’s revenue growth outpace the market by roughly 2x.

The options market is currently implying a move of around $1.30 or 10.7% in PIR by this Friday’s close giving us targets of $13.43 and $10.83.

Andrew Keene

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