Pier 1's Slide Continues

FORT WORTH-Pier 1 Imports reported a year-over-year same-store sales plunge of 12% during its Q1, which ended May 28. Though executives said during a conference call with analysts and investors that they expect their company’s performance to improve during the remainder of its fiscal year, they still forecast a mid-to-high single-digit same-store sales fall during their second quarter.

The company’s net sales also declined, by 6.1%, from $432 million to $405.7 million. Additionally, last year’s Q1 net income was $11.7 million compared to a $12 million loss this year.

“We know that it will take time to win back customers and regain market share,” said Marvin Girouard, the company’s chairman and CEO. One of the reasons for suffering sales is the decision by consumers to spend money on things other than home furnishings, such as travel, eating out, clothing and entertainment, he said.