FORT WORTH, Texas (AP) _ Pier 1 Imports Inc. (PIR) on Wednesday reported a loss of $100.6 million in its fiscal second quarter.
The Fort Worth, Texas-based company said it had a loss of $24.29 per share. Losses, adjusted for asset impairment costs, were $23.18 per share.
The home decor company posted revenue of $304.6 million in the period.
“As we expected, sales and margins remained under pressure in the second quarter,” said Cheryl Bachelder, Interim CEO. “We exited non-go-forward products through aggressive clearance actions, which was the primary driver of our net loss in the quarter. However, the strategic decision to clear through goods paved the way for our merchandise and marketing reset this fall. Fresh assortments began flowing into stores during the final weeks of the quarter and as we move closer to holiday, we look forward to delivering more of the unique, on-trend seasonal goods the Pier 1 brand is known for.
“The organization continues to make progress against our fiscal 2020 action plan, and we remain on track to achieve benefits of $100-$110 million this year, as previously outlined. While we anticipate that our merchandising and marketing initiatives will start to gain traction during the second half, we expect a gradual recovery and believe we’ll be positioned to demonstrate year-over-year improvement in company comparable sales and gross margin rate beginning in the fourth quarter. Our teams are working diligently to turn the business around and we believe that Pier 1 can prosper once again.”
Pier 1 shares have risen 99% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $12.20, a decrease of 59% in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on PIR at https://www.zacks.com/ap/PIR
FWBP Staff contributed to report.