Furniture retailer Pier 1 Imports, Inc. reported a wider than expected fiscal first quarter loss Thursday. It also said it may need to close down more stores than originally planned.
The company will close 100 stores, more than its initial plan to close 60, according to a securities filing. The company expects the cuts will cost about $10 million, which it will start charging in the second quarter, with the rest coming in the third quarter.
Pier 1 expects to have 1,020 U.S. and 81 Canadian stores by year-end, after the planned store closings.
On Thursday Pier 1 reported a loss of $56.4 million, or 64 cents a share, for its first quarter, compared with a loss of $23.2 million, or 27 cents a share, in the year-ago period.
The loss was greater than Wall Street estimates. Analysts were looking for a loss of 32 cents a share, according to a poll by Thomson Financial.
Pier 1 saw its sales drop 5.2 percent to $356.4 million from $376.1 million a year ago. Same store sales, a key retail metric, fell 5.4 percent.
Shares of Pier 1 fell 21 cents, or 2.5 percent, to close at $8.30 in Thursday trading. Share closed up 1 cent on Friday.