Pier 1 Whiffs, Misses Street Estimates on Top and Bottom Lines

Pier 1 Imports posted second quarter earnings of $0.10 a share on revenue of $419 million. Wall Street analysts were looking for $0.14 a share on sales of $426 million. Last year, the furniture seller earned $0.17 a share on $396 million in revenue. As for details, Pier 1 finished the quarter with $42.6 million in cash. Inventory totaled $513.8 million, an increase of 15.5% from last year. The company repurchased 2.35 million shares of its common stock during the second quarter at an average cost of $15.79 per share for a total of $37.2 million. TheStreet's Gregg Greenberg has details from New York.