Shares of Pier 1 tumble after loss
From Times Wire Services
Shares of Pier 1 Imports Inc., the biggest U.S. retailer of imported furniture, fell 20% after it reported a fiscal first-quarter loss that was wider than analysts had predicted.
The net loss was $32.8 million, or 37 cents a share, compared with a loss of $56.4 million, or 64 cents, a year earlier, Fort Worth-based Pier 1 said. Analysts surveyed by Bloomberg predicted an average loss of 15 cents.
Sales fell 13% to $310 million, while same-store sales declined 5.4%.
Pier 1 shares fell $1.23 to $5.01.
