Pier 1 Loss Nearly Doubles as Sales Fall
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Pier 1 Imports Inc., the largest U.S. seller of imported home furnishings, said its first-quarter loss almost doubled after sales were hurt by competition from lower-priced retailers.
The net loss for the period ended May 27 widened to $23.2 million, or 27 cents a share, from $12.5 million, or 14 cents, a year earlier. Sales declined 3.6% to $376.1 million, the Fort Worth-based company said.
The company has been facing competition from retailers such as Target Corp. and Wal-Mart Stores Inc. that have modeled their merchandise on the items Pier 1 sells, Chief Executive Marvin J. Girouard said.
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