PIR - PIR Stock Moves Sharply Lower on Disappointing Q1 Loss and Revenues

PIR stock took a dive after Pier 1 Imports, Inc. (NYSE:PIR) posted disappointing first quarter financial results and investors reacted to a wider than expected net loss compounded by a 15% sales fall.

The home-furnishing retailer said it generated a net loss of $81.7 million or $19.97 a share, worse than a year-ago net loss of $28.5 million or $7.11 a share reported.  Revenue for the first three months of the year tanked 15.5% to $314.3 million as comparable sales dropped 13.5%, attributed to lower average spending by customers.

Gross ...