Pier 1 Imports Inc. posted a net loss of $73.1 million, for the second quarter, compared to a net loss of $6.4 million the prior year.
The Fort Worth, TX company reported total sales of $370.7 million for the quarter ended Aug. 26, a 12.5% decline from $423.7 million last year.
“Although we are well underway with our turnaround strategy, we are disappointed to report a significant loss for the second quarter,” said CEO Marvin J. Girouard, in a statement. “Sales were soft in June and July, improved slightly in August, but our fixed costs were too much to overcome.”
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