Pier 1 Imports Stock Sinks As Revenue Misses Target

By Sue ChangMarketsMarketWatch Pulse

Shares of Pier 1 Imports Inc. cratered in Wednesday's extended session after the retailer missed Wall Street's revenue estimate. Pier 1 reported its first-quarter loss narrowed $3 million, or 4 cents a share, from $6 million, or 7 cents a share, a year earlier. Revenue fell to $409.5 million from $418.4 million. Analysts surveyed by FactSet had forecast a loss of 5 cents a share on revenue of $421 million. Same-store sales, on a constant currency basis, were flat but online sales, accounting for about a quarter of net sales, rose 23%. Pier 1 shares tumbled 19% after hours.

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