Pier 1 Warns of Wider Second-Quarter Loss
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Home-furnishings retailer Pier 1 Imports Inc. warned of a bigger-than-expected loss in its fiscal second quarter because of falling sales.
The store forecast a loss of 12 cents to 14 cents a share in the quarter ending Saturday, contrasted with a profit of 12 cents a year earlier.
Earlier this month, it predicted a loss of 7 cents a share to a profit of 3 cents a share.
Sales at stores open at least a year will probably drop 8% to 9% in the quarter from a year earlier, when revenue was $452 million, Pier 1 said. Same-store sales in August are expected to fall 13% to 15%.
Analysts surveyed by Thomson Financial expected a second-quarter loss of 6 cents a share on sales of $447.7 million.
Pier 1 shares fell 50 cents to $13.36.
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