Pier 1 Warns of Large Drop in 3Q Sales

Fort Worth, Texas Pier 1 Imports Inc. cautioned late Monday that it expects its third-quarter same-store sales to fall as much as 18% when it reports results next month.

The chain said the nation's sluggish economy and a substantial slowdown in discretionary spending is behind the 16% to 18% decrease in comparable sales it expects to report for the three months ending Nov. 29. The company expects a loss before interest, taxes, depreciation and amortization of $16 million to $20 million.