Pier 1 Imports shares slide as retailer posts disappointing quarterly results

Pier 1 Imports shares slide as retailer posts disappointing quarterly results

Pier 1 Imports Inc. PIR, +2.67% stumbled in Wednesday’s extended session after the retailer announced a wider quarterly loss and a sharp decline in same-store sales. The company said its fiscal second-quarter loss widened to $51 million, or 63 cents a share, from a loss of $7.8 million, or 10 cents a share, a year earlier. Revenue fell to $355.3 million from $407.6 million in the same quarter last year while same-store sales plunged 11.4%. Analysts surveyed by FactSet had forecast a loss of 60 cents a share on revenue of $361 million. Pier 1 shares dropped 3.9% after hours.

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