NEW YORK (TheStreet) -- Pier 1 Imports (PIR) plunged more than 12% on Thursday after the company blamed the "wintry weather" as the reason why sales were down 5.7% in December, its biggest selling month of the year.
The Fort Worth, Texas-based company said that comparable store sales for the five-week period ended Jan. 4 rose 1.3% from last year, but that positive number is a result of a shift in the 2013 calendar that added an extra week. Excluding that adjustment, Pier 1 said sales for December actually fell 5.7% compared with a rise of 8.2% a year earlier.
Pier 1 shares were sagging 12.3% to $20.44 on Thursday.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV