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Sunday, December 18, 2005

 

No home improvement for Pier 1; loss in 3rd quarter - Dec. 15, 2005

No home improvement for Pier 1; loss in 3rd quarter - Dec. 15, 2005

No home improvement for Pier 1
Troubled retailer reports quarterly loss and says Dec. sales will miss forecast.

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CHICAGO (Reuters) - Home furnishings retailer Pier 1 Imports Inc. Thursday reported a quarterly loss and said it probably would miss its December sales forecast because of "unpredictable" sales trends and stiff competition.

Pier 1 (down $1.71 to $9.75, Research) shares fell more than 10 percent in morning New York Stock Exchange trading.

The company -- in the process of revamping its merchandise line with more modern styles in the hope of winning back customers -- said it would not provide financial forecasts for the current quarter because of the sales uncertainty.

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