Pier 1 Posts 1st Quarter Loss

June 14, 2006  by in UnCategorized   

By Home Furnishings Business in Furniture Retailing on June 2006 Pier 1 reported a net loss of $22.8 million from continuing operations for the first quarter ended May 27

Sales for the quarter dropped 3.6 percent to $376 million from $390.3 million during the same period last year. Same store sales dropped 6.6 percent.

“In mid-March, we launched our brand repositioning campaign featuring Pier 1’s unique Modern Craftsman merchandise, which included new advertising and new in-store visuals intended to mirror Pier 1’s catalogs,” said Marvin J. Girouard, chairman and chief executive officer . “During the first quarter, customer traffic remained weak. We recognize that it will take time to attract new customers and inform our existing customers of the significant changes in our merchandise assortment.”

Girouard said the company expects June comparable store sales to be in the negative low- to mid-teens compared to last year.