Home décor retailer Pier 1 Imports swung to a loss in its first quarter amid heavy promotions caused by weak sales.
The chain reported a loss of $6 million for the quarter ended May 28, compared to net income of $6.9 million in the year-ago period.
Revenue fell 4.2% to $418.4 million in the quarter, also less than expected. Same-store sales were down 2.5%.. . . more