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Actionable news in PIR: PIER 1 IMPORTS Inc,

Pier 1 profit drops; downbeat guidance issued

Pier 1 Imports Inc. said profit in its latest quarter nearly halved, and the home-goods retailer issued downbeat guidance for the year as it continues to struggle.

Results topped expectations, but shares fell 2.6% in after-hours trading. The stock had lost 47% in the past 12 months through Wednesday's close.

The Fort Worth, Texas, retailer has reported a streak of disappointing sales, a trend it has tried to reverse with increased focus on e-commerce. Pier 1 launched an e-commerce initiative in...