Pier 1 Imports, Inc. reported unaudited consolidated earnings results for the first quarter ended June 2, 2018. For the quarter, the company reported net sales of $371,864,000 compared to $409,525,000 a year ago. Operating loss was $31,341,000 compared to $2,321,000 a year ago. Loss before income taxes was $34,574,000 compared to $4,799,000 a year ago. Net loss was $28,503,000 compared to $2,986,000 a year ago. Basic and diluted loss per share was $0.36 compared to $0.04 a year ago. Net cash provided by operating activities was $33,238,000 compared to $28,932,000 a year ago. Capital expenditures were $12,159,000 compared to $13,567,000 a year ago. LBITDA was $18.7 million, compared to EBITDA of $11.6 million a year ago. During the quarter, the company generated $33 million of cash flow from operations.

The company provided earnings guidance for the second quarter and full year of fiscal 2019. For the second quarter of fiscal 2019, the company expects company comparable sales down 6% to 7%, net loss in the range of $43 million to $47 million, EBITDA in the range of negative $36 million to $40 million, and net loss per share between $0.54 and $0.58.

For the full year of fiscal 2019, the company expects company comparable sales growth of 1.5% to 2.5%, net loss in the range of $14 million to $29 million, positive EBITDA in the range of $30 million to $50 million and net loss per share between $0.17 and $0.36. The company was on track to spend approximately $60 million of CapEx for the full year, with $45 million of that supporting Pier 1 2021 strategic plan.