Pier 1 Loss Much Narrower than Expected
Struggling retailer Pier 1 Imports reported another drop in quarterly sales Thursday, but its operating loss for the latest period was narrower than analysts' expectations.
The company also said it would no longer provide monthly sales numbers and shift to a quarterly reporting basis.
Pier 1 reported a loss, excluding one-time items, of 14 cents a share for its fiscal fourth quarter, which ended March 2, compared with a loss of 4 cents a share in the same quarter a year ago.
Analysts surveyed by Thomson Financial predicted a loss of 32 cents a share.
Sales in the quarter fell 6.4% from the year-ago period to $473.7 million, better than the $457 million analysts predicted.
Shares of Pier 1 jumped 4.5% in German trading.