UPDATE: Pier 1 Posts 32% Drop In Q2 Earnings, Lowers Full-Year Forecast

Pier 1 Imports

reported a 32% drop in its fiscal second-quarter earnings. Pier 1 cut its full-year earnings forecast to $1.23 to $1.29 per share, versus its earlier forecast of $1.27 to $1.32 per share. Pier 1's quarterly profit fell to $17.8 million, or $0.17 per share, from a year-ago profit of $26.2 million, or $0.24 per share. Excluding special items, Pier 1 earned $0.19 per share. Its sales rose 7.6% to $395.6 million. However, analysts were estimating a profit of $0.21 per share on sales of $405 million. Pier 1's same-store sales climbed 3.5%. Pier 1 shares closed at $23.60 yesterday.