Pier 1 Imports Inc., the biggest U.S. retailer of imported furniture, on Friday reported a wider loss than analysts estimated after reducing prices to clear out items. It also announced plans to cut jobs and close Pier 1 Kids stores.
The first-quarter net loss grew to $56.4 million, or 64 cents a share, from $23.2 million, or 27 cents, a year earlier, the company said. Pier 1 will shut 100 stores, compared with a previous plan for 60, and eliminate an unspecified number of jobs. Its shares fell the most in three months.