Pier 1 Imports, Inc. reported unaudited consolidated earnings results for the first quarter ended May 27, 2017. For the quarter, the company reported net sales of $409,525,000 compared to $418,370,000 a year ago. Operating loss was $2,321,000 compared to $7,808,000 a year ago. Loss before income taxes was $4,799,000 compared to $10,074,000 a year ago. Net loss was $2,986,000 compared to $6,020,000 a year ago. Basic and diluted loss per share was $0.04 compared to $0.07 a year ago. Net cash provided by operating activities was $28,932,000 compared to $33,523,000 a year ago. Capital expenditures were $13,567,000 compared to $10,044,000 a year ago. First quarter EBITDA (earnings before interest, taxes, depreciation and amortization) was $11.6 million, compared to $6.8 million in the first quarter of fiscal 2017.

The company provided earnings guidance for the second quarter and full year of fiscal 2018. For the second quarter of fiscal 2018, the company expects comparable sales growth of flat to 2%; Net sales growth is approximately flat; loss per share is in the range of $0.08 to $0.04.

For the full year of fiscal 2018, the company expects comparable sales growth of is in the range of 1% to 2%; Net sales growth is in the range of 1.5% to 2.5%; Earnings per share expected to be in the range of $0.46 to $0.52. Capital Expenditures to be approximately $55 million. The company expects effective tax rate to be approximately 39% and depreciation to be approximately $54 million.