Pier 1 Imports ( PIR) said first-quarter earnings and same-store sales fell for the same reasons many other companies have cited -- weakness in the economy, bad weather and general global instability.

The company posted earnings of $19.1 million, or 21 cents a share, for the first quarter ended May 31. In the same period a year ago, Pier 1 earned $22.2 million, or 23 cents a share. Analysts polled by Thomson First Call were looking for 21 cents in the latest quarter.

Total sales for the first quarter rose 4.8% to $402.7 million from $384.4 million a year ago, but same-store sales declined by 3.6%.

For the fiscal year, Pier 1 expects earnings of $1.45 to $1.50, and same-store sales growth of between 1% and 3%. The company said "projections for the second quarter remain cautious due to continuing uncertainties and tough sales comparisons to last year."

Based on comparable sales estimates for the second quarter of minus 2% to plus 2%, the company is forecasting earnings of 21 cents to 25 cents a share.

Wall Street expects a profit of 24 cents for the second quarter and $1.46 for the full year.