NEW YORK (TheStreet) -- Pier 1 Imports (PIR) - Get Report stock is retreating 4.41% to $5.20 in after-hours trading on Wednesday after the home furnishings retailer delivered lower-than-expected financial results for the fiscal 2017 first quarter.
The Fort Worth, TX-based company reported a loss of 7 cents per share for the quarter ended May 28, wider than the loss of 5 cents per share that analysts were expecting.
Revenue declined 4.2% year over year to $418.37 million, missing estimates of $420.05 million for the latest quarter. On a constant currency basis, revenue was down 3.9%.
Comparable store sales fell 2.5% and dropped 2.2% on a constant currency basis. E-commerce accounted for 19% of total net sales, up from 17% for the same quarter last year.
"Our first quarter sales were not as strong as we would have liked," CEO Alex Smith said in a statement. "Although many of our merchandise categories performed satisfactorily, outdoor furniture was affected by internal and external pressures, including competitive pricing."
Separately, Pier 1 Imports has a "hold" rating and a letter grade of C at TheStreet Ratings because of the company's attractive valuation levels, good cash flow from operations and largely solid financial position with reasonable debt levels by most measures, which offsets feeble earnings per share growth, deteriorating net income and disappointing return on equity.
You can view the full analysis from the report here: PIR
TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.