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Pier 1 Imports Posts Loss as Stores Close
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Home furnishings retailer Pier 1 Imports reported a quarterly loss on Thursday as store closures and lower traffic in March and April hurt sales.
The loss came to $32.8 million, or 37 cents a share, for the first quarter ended on May 31, compared with a year-earlier loss of $56.4 million, or 64 cents a share.
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Pier 1 [PIR
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] offered to buy fellow furnishings retailer Cost Plus [CPWM
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] for about $88.4 million in stock earlier this month, but the operator of Cost Plus World Markets rejected the bid this week, saying it was not attractive financially or strategically.
Copyright 2009 Reuters. Click for restrictions.
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