Pier 1 shares fall on 2Q same-store sales dip

The stock declined 42 cents, or 9.2 percent, to $4.13.

The sales dip is at the low-end of the Fort Worth, Texas-based company's previously announced guidance, but worse than some analysts' estimates.

"We have seen results challenged at all of the home furnishings companies, including even the best operators and brands such as Williams-Sonoma and Bed Bath & Beyond," Wedbush Morgan Securities analyst Joan Storms told investors in a research note Wednesday. "Therefore, on a relative basis, we believe Pier 1's turnaround results thus far appear to be making positive progress with regards to a return to the old "Pier 1" style of merchandising and improved traffic and conversion rate trends."

Same-store sales, or sales at stores open at least a year, are a key indicator of retailer performance that measures growth at existing stores rather than newly opened ones.