ATLANTA Home furnishings retailer Pier 1 Imports Inc (PIR.N) reported a wider quarterly loss on Thursday on weak customer traffic and said the recession has slowed its plans to return to profitability.
The company said it has adequate cash and available credit to fund its operations and intends to take steps to keep its shares listed on the New York Stock Exchange as it has been notified that the stock has fallen below continued listing requirements.
The net loss came to $36.9 million, or 41 cents a share, for the third quarter ended November 29, compared with a loss of about $10 million, or 11 cents a share, a year earlier.
Adjusted for charges, the loss came to 34 cents a share, compared with a loss of 32 cents a share expected by analysts, according to Reuters Estimates.
Sales fell to $300.9 million from $374 million but were better than the $299 million analysts expected. Sales at stores open at least a year were down 17.8 percent.