Texas based home furnishing maker Pier 1 Imports Inc reported a net loss of $10,185,000, or $0.12 per share, for the second quarter ended August 27, 2005. Total sales declined 3.0 percent for the second fiscal quarter to $438,592,000, from $452,271,000 in the year-ago quarter, and comparable store sales declined 7.7 percent.
For the first six months of fiscal 2006, the Company's net loss was $22,647,000, or $0.26 per share, compared to diluted earnings per share of $0.25 for the year-ago period. Year-to-date sales amounted to $844,301,000, down 4.5 percent from $884,298,000 in the year-ago period, and comparable store sales declined 9.8 percent.
The Company is not providing quarterly earnings guidance at this time based on near-term unpredictability in the business influenced by the slow response to Pier 1's new merchandising and marketing initiatives, as well as the macro environment. During today's conference call, an update will be given on the progress made on the numerous initiatives and the Company will provide comparable store sales estimates for the third quarter.
Marvin J. Girouard, Pier 1's Chairman and Chief Executive Officer, noted, "The Company's second quarter performance continued to be challenged by a slow response from customers to new merchandising and marketing initiatives. They responded by conservatively managing the business through cost containments, reducing store openings and taking heavy promotional discounts and markdowns to move slower selling merchandise to make room for new arrivals.
marketing@alchempro.com
