Shares in Pier 1 Imports (NYSE: PIR) saw its stock tumble Thursday, after the retailer reported a smaller-than-expected loss but revenue that fell short of expectations.
Like many other retailers, Pier 1 has been struggling to adapt as more shoppers opt to ring up purchases online in place of shopping at brick-and-mortar locations. Some other companies in the home-furnishing space include TJX (NYSE: TJX) — which owns the HomeGoods brand — Bed Bath & Beyond (NASDAQ: BBBY) and Williams-Sonoma (NYSE: WSM).
Late Wednesday, Pier 1 reported an adjusted loss of four cents per share for its first quarter, beating analysts' estimate by a penny. Sales for the period came in at $409.5 million, falling short of analysts forecasts for $421 million in revenue.
Pier 1's quarterly comparable sales declined 0.2% from one year ago, as the company also trimmed its physical store fleet by 1% during the year.
Pier 1 Imports offers what it calls, "one-of-a-kind products that reflect high quality at a great value."
Starting with a single store in 1962, Pier 1 Imports’ product is now available in retail stores throughout the U.S. and Canada and online at pier1.com.
With Thursday's losses, Pier 1's stock has fallen about 12.5% over the last 12 months and is down more than 40% for the year so far — what's been a tough start to the year for many retailers.
Shares Thursday fell by 35 cents, or 6.5%, to $5.03.
