Pier 1 CEO On Tough Quarter: 'Hard To Tell If It's A Sea-Change'

Pier 1 Imports Inc. PIR shares fell more than 9% after the company missed first-quarter estimates and slashed its outlook for 2015. "The quarter did not unfolded as we planned" Chief Executive Alexander W. Smith said in a conference call Thursday morning. Smith cited blamed weakness on soft traffic and heavy promotions. "Whether it represents a sea-change or a temporary phenomenon is hard to tell," Smith said. Says e-commerce sales, expected at $200m this year "will eventually surpass" in-store sales, Smith said. Earnings for the retailer's recent period came in at 16 cents a share, versus Wall Street's forecast of 20 cents. For the upcoming year, the retailer cut its profit outlook to $1.14 to $1.22 a share, from an earlier range of $1.16 to $1.24. Analysts were expecting $1.21 a share. Pier 1 traded recently at $16.58, down 9.19 percent. Chief Financial officer Charles H. Turner