Cost Plus Shares Fall On Weak 2Q Earnings

NEW YORK (AP) — Shares of specialty retailer Cost Plus Inc. plunged Friday after the company reported its second-quarter loss narrowed but said it expected a weak third quarter.

Shares fell 57 cents, or 19.3 percent, to $2.38 Friday. The stock has traded between 51 cents and $3.09 over the past year.

The Oakland, Calif.-based company said late Thursday its loss narrowed to $20.8 million in the fiscal second quarter, but added that it expects a third-quarter loss of $19 million to $24 million, compared with a loss of $21 million in the prior year.

The furniture sector has been hurt by the recession as consumers cut back on buying big-ticket items and focus on bargains.