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Pier 1 Imports Sales Disappoint

FORT WORTH (AP) - Sales at Pier 1 Imports Inc. open at least a year rose 1.3 percent for the five weeks ended Jan. 4, but the figure dropped when accounting for a calendar shift.

The Fort Worth-based home decor company on Thursday cut its fiscal fourth-quarter and full-year earnings forecasts, citing a disappointing December performance.

Pier 1 said that there was an extra week in fiscal 2013. Prior to adjusting for the calendar shift, Pier 1 said that sales at stores open at least a year fell 5.7 percent in fiscal December, compared with an 8.2 percent increase for the prior-year period.

For the fiscal fourth quarter, Pier 1 expects earnings between 47 cents and 52 cents per share. The retailer now foresees fiscal 2014 earnings between $1.07 and $1.12 per share.

(© Copyright 2014 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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