Pier 1 Imports Inc. PIR, +3.43% shares dropped about 10% in after-hours trading Thursday after the retailer disclosed disappointing preliminary earnings results due to "execution challenges." Pier 1 disclosed that it expects a second-quarter loss of 62 cents to 64 cents a share, and comparable sales to decline 11.4% from the same quarter last year. Pier 1 had previously guided for a loss of 54 cents to 58 cents a share, and analysts on average expected a loss of 55 cents a share, according to FactSet. The company also discontinued all guidance for fiscal 2019. "We are disappointed in our results for the second quarter, which primarily reflect execution challenges as we prepared for and implemented our August brand re-launch," Chief Executive Alasdair James said in the announcement. The company expects to announce full second-quarter earnings results on Oct. 3. Pier 1 stock has already declined 56.3% so far this year, as the S&P 500 index SPX, +0.78% has gained 8.8%.
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