FORT WORTH, Texas (AP) _ Pier 1 Imports Inc. (PIR) on Wednesday reported a loss of $28.5 million in its fiscal first quarter.
The Fort Worth-based company said it had a loss of 36 cents per share.
The results exceeded Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for a loss of 40 cents per share.
The home decor company posted revenue of $371.9 million in the period, which missed Street forecasts. Four analysts surveyed by Zacks expected $376.8 million.
Pier 1 expects a full-year loss of 36 cents to 17 cents per share.
In the final minutes of trading on Wednesday, the company’s shares hit $3. A year ago, they were trading at $5.34.
In the first quarter, the company noted that comparable sales decreased 8.2 percent; net sales decreased 9.2 percent to $371.9 million; and it reported a net loss of $28.5 million, or ($0.36) per share, better than company guidance.
During the quarter, the retailer unveiled its three-year strategic plan, Pier 1 2021: A New Day.
“We unveiled our three-year strategic plan in April 2018, at which point we laid out our expectations for the first quarter, full year fiscal 2019 and our overall three-year plan. Our first quarter performance was in line with those expectations,” said Alasdair James, president and CEO. “One quarter into our three-year journey, we are on track with execution and preparing for the re-launch of the Pier 1 brand this fall. Our teams are focused on strengthening our value proposition through refreshed merchandise assortments and sharper pricing; creating a more compelling shopping experience through enhanced merchandising and messaging; and developing dynamic marketing programs to support our new brand positioning – ‘Pier 1: This is me’.” – Additional reporting by FWBP Staff