Pier 1 Imports 1Q Loss Widens

Pier 1 Imports Inc. said Thursday its first-quarter loss more than doubled as sales and margins on merchandise declined.

The furniture and home goods retailer also said in a filing with the Securities and Exchange Commission that it is closing more stores than previously announced.

The company reported a loss of $56.4 million, or 64 cents per share, compared with a loss of $23.2 million, or 27 cents per share, in the previous year. The latest quarter included $3.5 million in one-time severance and outplacement charges associated with previously announced job cuts.

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- Posted: 2007-06-21 10:34:23

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