Pier 1 Imports, Inc. (NYSE: PIR) shares fell hard Thursday after the company reported weak sales for its first quarter. Company comparable sales were down 8.2% in the quarter. The company sees comps down 6% to 7% in the second quarter.
Net sales for the first quarter of fiscal 2019 decreased 9.2% to $371.9 million, compared to $409.5 million for the first quarter of fiscal 2018.
The Company operated 997 stores at the end of the quarter, a decrease of 19 from the first quarter of fiscal 2018.
Gross profit for the first quarter of fiscal 2019 totaled $120.1 million, or 32.3% of net sales, compared to $151.6 million, or 37.0% of net sales, for the first quarter of fiscal 2018.
Operating loss for the first quarter of fiscal 2019 was $31.3 million compared to operating loss of $2.3 million last year. Net loss for the first quarter of fiscal 2019 totaled $28.5 million, or ($0.36) per share, compared to net loss of $3.0 million, or ($0.04) per share, a year ago.
EBITDA (earnings before interest, taxes, depreciation and amortization) in the first quarter of fiscal 2019 was negative $18.7 million compared to $11.6 million in the first quarter of fiscal 2018.
As of early June, the Company had $156.8 million of cash and cash equivalents, $192.5 million outstanding under its senior secured term loan and no working capital borrowings outstanding under its $350 million secured revolving credit facility.
Shares descended 71 cents, or 23.7%, to $2.29
