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Shares of Pier 1 tumble after loss

June 20, 2008|From Times Wire Services

Shares of Pier 1 Imports Inc., the biggest U.S. retailer of imported furniture, fell 20% after it reported a fiscal first-quarter loss that was wider than analysts had predicted.

The net loss was $32.8 million, or 37 cents a share, compared with a loss of $56.4 million, or 64 cents, a year earlier, Fort Worth-based Pier 1 said. Analysts surveyed by Bloomberg predicted an average loss of 15 cents.

Sales fell 13% to $310 million, while same-store sales declined 5.4%.

Pier 1 shares fell $1.23 to $5.01.

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