Retailer Pier 1 saw shares tumble after the company reported a wider-than-expected loss amid competitive pricing in outdoor furniture. The home furnishings company posted a loss of 7 cents per share on revenue of $418.4 million, compared to the loss of 5 cents per share on sales of $420 million, expected by a consensus estimate from Thomson Reuters.
"Our first quarter sales were not as strong as we would have liked," CEO Alex Smith said in a statement. "The organization is working diligently to improve our sales performance and capture incremental margin in the second half of the year, as many of our product, marketing and loyalty strategies will be unfolding over that period."
Tractor Supply's shares were temporarily halted before opening lower in extended trading after the company lowered its earnings and revenue guidance. The rural lifestyle company now expects second fiscal-quarter earnings of $1.15 per share to $1.16 per share on revenues of $1.85 billion, below the $1.26 per share on revenues of $1.93 billion expected by a Thomson Reuters consensus estimate. The company also trimmed its full-year forecast to $3.35 per share to $3.40 per share on revenues of $6.8 billion to $6.9 billion, compared to estimates of $3.49 per share on revenues of $6.95 billion.
"As our preliminary results show, we had a challenging second quarter," CEO Greg Sandfort said in a statement. "While our traffic trends remained positive and the sale of core pet and animal offerings remained strong, we did experience weakness in many of our seasonal and big ticket categories.. ... we saw a reversal in trends with the cooler temperatures throughout much of the country in April and May. As the weather patterns normalized in early June, so did our sales trends, but it was not enough to offset the weakness earlier in the quarter."
Amid smaller companies, Care.com shares soared in light volume after Google bought a $46.4 million stake in the company.