Pier 1 Declares Dividend

June 22, 2006  by in UnCategorized   

By Home Furnishings Business in Furniture Retailing on June 2006 Fort Worth, Texas-based Pier 1 Imports has declared a quarterly cash dividend of 10 cents per share on the company’s outstanding shares of common stock.

The dividend is payable Aug. 16 to shareholders of record on Aug. 2.

The announcement follows the company’s annual shareholders’ meeting during which Marvin Girouard, chairman and chief executive officer, told shareholders not to expect a quick turnaround of the specialty retailer’s financial situation.

“This next quarter doesn’t look any better than the first quarter,” he said. “We believe in the third quarter and certainly in the fourth quarter [that] we have a good chance to get back to profitability.”

The company posted a first quarter loss of $23.2 million recently, and sales for the quarter dropped 3.6 percent to $376.1 million. Same-store sales for the quarter fell 6.6 percent.

Girouard repeated his mantra that the retailer is in the midst of remerchandising its product lineup with a more contemporary look to better connect with changing consumer tastes.