Pier 1 Posts 2nd Straight Quarterly Loss

Dallas, Pier 1 Imports on Thursday reported its second consecutive quarterly loss and said business is too unpredictable to forecast results for the current period because of the slow response to new merchandise and marketing initiatives. The chain has been struggling amid intense competition from specialty chains and discounters.

For the second quarter, ended August 27, the company reported a loss of $10.2 million, or 12 cents a share, compared with a year-earlier profit of $10.4 million, or 12 cents a share. Analysts on average were expecting a loss of 13 cents a share.

Sales fell 3% to $438.6 million. Same-store sales fell 7.7%.