Pier 1 Misses Street 2Q Forecasts

Pier 1 Imports Inc. (NYSE:PIR) on Wednesday reported net income of $9.2 million in its fiscal second quarter.

The Fort Worth, Texas-based company said it had profit of 10 cents per share.

The results missed Wall Street expectations. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 13 cents per share.

The home decor company posted revenue of $418.6 million in the period, which also did not hit Street forecasts. Analysts expected $427.3 million, according to Zacks.

Pier 1 shares have decreased 32 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $15.58, a decrease of 34 percent in the last 12 months.