Pier 1 Shares Rise On Narrower-than-expected Losses

Shares of Pier 1 Inc. soared in Wednesday's extended session after the retailer posted a quarterly loss that was smaller than projected. Pier 1 reported it swung to a second-quarter loss of $4.01 million, or 5 cents a share, from a profit of $3.2 million, or 4 cents a share, in the same quarter last year. Revenue fell 6.7% to $405.8 million while same-store sales shrank 4.3%. Analysts surveyed by FactSet had forecast a loss of 6 cents a share on revenue of $406 million. For the third quarter, the company projected a sales decline of 2% to 4% and adjusted earnings per share of 9 cents to 15 cents. Pier 1 shares gained 3% after hours.