Pier 1 Imports, Inc. reported unaudited consolidated earnings results for the first quarter ended May 28, 2016. Net sales for the first quarter decreased 4.2% to $418.4 million, compared to $436.9 million in the same period last year. Operating loss was $7,808,000 compared to operating income of $13,558,000 a year ago. Loss before income taxes was $10,074,000 compared to income before income taxes of $10,829,000 a year ago. Net loss was $6,020,000 compared to net income of $6,874,000 a year ago. Basic and diluted loss per share was $0.07 compared to basic and diluted earnings per share of $0.08 a year ago. Net cash provided by operating activities was $33,523,000 compared to $28,339,000 a year ago. Capital expenditures were $10,044,000 compared to $9,389,000 a year ago. First quarter EBITDA (earnings before interest, taxes, depreciation and amortization) was $6.8 million, compared to $26.1 million in the first quarter of fiscal 2016.

The company provided earnings guidance for the second quarter and full year of fiscal 2017. For the quarter, the company expects comparable sales growth of negative 1% to positive 1%; Net sales growth to be negative 3% to positive 1%; loss per share to be $0.06 to flat.

For the full year, the company expects comparable sales growth of negative 1% to positive 1%; Net sales growth to be negative 3% to positive 1%; Earnings per share expected to be in the range of $0.32 to $0.40. Capital Expenditures to be approximately $55 million. The company expects effective tax rate to be approximately 39.5% and depreciation to be approximately $56 million. The company continue to expect the net interest expense will be up modestly year-over-year in fiscal 2017 in the range of $12 million.