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Pier 1 shares drop on outlook, same-store sales miss

Pier 1 Imports Inc. PIR, +1.01% stocks dropped in the extended consultation Wednesday after the housewares retailer's outlook fell short of Wall Street estimates. Pier 1 stocks fell 15% after hours, following a 1% gain to close the regular consultation at $3. For the second one fiscal quarter, Pier 1 estimates a lack of 58 cents to 54 cents a proportion. Analysts surveyed via FactSet expect a lack of 21 cents a proportion. The company reported a fiscal first-quarter lack of $28.5 million, or 36 cents a proportion, compared with a lack of $3 million, or 4 cents a proportion, in the year-ago length. Revenue fell to $371.9 million from $409.5 million in the year-ago length. Analysts had estimated a lack of 39 cents a proportion on earnings of $375.6 million. Same-store sales for the first quarter declined 8.2% while analysts were anticipating a decline of 7.7%.