Texas based home furnishing maker Pier 1 Imports Inc reported a loss per share of $0.08 for the third quarter ended November 26, 2005, compared to diluted earnings per share of $0.22 in the year-ago period.
The Company's net loss was $7,181,000, compared to last year's net income of $19,475,000. Sales for the third quarter were $476,243,000, a 2.4 percent decline from last year's $487,729,000, and comparable store sales declined 6.5 percent.
For the nine months ended November 26, 2005, the loss per share amounted to $0.34, compared to diluted earnings per share of $0.47 in the year-ago period.
The Company's net loss for the nine months was $29,828,000, compared to last year's income of $41,658,000. Sales for the nine-month period amounted to $1,320,544,000, down 3.8 percent from $1,372,027,000 for the year-ago period, and comparable store sales declined 8.7 percent.
Marvin J. Girouard, the Company's Chairman and Chief Executive Officer, said, "Although we are disappointed by overall third quarter results, the national distribution of two Pier 1 catalogs this fall improved traffic trends over that period. In addition, company believe catalogs can create a positive brand image for Pier 1 merchandise and have a longer impact on customers than newspaper circulars. Also during the quarter, they increased expenditures on marketing and store payroll over last year to help reinforce the Pier 1 brand, attract customers into stores and continue to provide excellent customer service.”
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