Pier 1 Imports Cuts FY Guidance, Shares Plunge 30%

(RTTNews) - Home furnishings retailer Pier 1 Imports Inc (PIR) on Tuesday slashed its earnings guidance for 2015, citing weak sales in January and February as well as higher than forecast expenses.

The company now expects earnings of $0.80 to $0.83 per share for 2015 compared with prior guidance of $0.95 to $1.05 per share.

Pier 1 will report fourth quarter and full year results on April 8.

Also Pier 1 said that its Senior Executive Vice President and Chief Financial Officer Charles Turner has retired, and Laura Coffey, a 17-year company veteran, has been named executive vice president and interim CFO, effective immediately.

PIR closed Tuesday at $16.97, up $0.20 or 1.19%, on a volume of 1.4 million shares on the NYSE. In after hours, the stock dropped $5.19 or 30.58% at $11.78.