NEW YORK (TheStreet) -- Shares of Pier 1 Imports Inc. (PIR) are down by 10.49% to $13.91 in after-hours trading on Wednesday, after the company reported a decline in net income for the fiscal 2015 second quarter to $9.2 million, or 10 cents per share, compared to $17.8 million, or 17 cents per share for the same period last year.
The consensus estimate was for the decorative home furnishings retailer to post earnings of 14 cents per share for the latest quarter.
Pier 1's total sales increased by 5.8% to $418.6 million for the fiscal 2015 second quarter, but missed analysts' expectations of $426.02 million.STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.
Watch the video below for a closer look at Pier 1's latest quarterly results:"We were challenged by soft store traffic and, more significantly, by declines in our merchandise margins. Consequently, results for the second quarter came in below our expectations," said company CEO Alex Smith.
Separately, TheStreet Ratings team rates PIER 1 IMPORTS INC/DE as a Hold with a ratings score of C+. TheStreet Ratings Team has this to say about their recommendation:
"We rate PIER 1 IMPORTS INC/DE (PIR) a HOLD. The primary factors that have impacted our rating are mixed ? some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth, notable return on equity and reasonable valuation levels. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, weak operating cash flow and a generally disappointing performance in the stock itself."
You can view the full analysis from the report here: PIR Ratings Report