WASHINGTON: Pier 1 Imports Inc. PIR, +4.02% shares fell in the extended session Wednesday after the specialty retailer’s quarterly sales and outlook fell short of Wall Street estimates.
Pier 1 shares dropped 14% to $5.12. For the fourth quarter, the company forecast earnings of 18 cents to 22 cents a share. Analysts surveyed by FactSet had estimated 36 cents a share.
The company reported third-quarter earnings of 13 cents a share on revenue of $472.5 million, while analysts were looking for 12 cents a share on revenue of $492.7 million.