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Pier 1 Imports (PIR) Stock Continues to Drop on Disappointing Guidance

NEW YORK (TheStreet) -- Shares of Pier 1 Imports (PIR - Get Report) are dipping by 5.04% to $6.97 on heavy trading volume late Thursday afternoon, as the Fort Worth, TX-based retailer posted 2016 first quarter results that beat expectations, but provided a weak outlook for the year.

After yesterday's closing bell, the home decor retailer reported earnings of 39 cents per share, surpassing analysts' expectations of 21 cents per share, but flat from last year.

Revenue slipped by 1.4% to $542.3 million, but was higher than Wall Street's estimates of $526.8 million.

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"Although fiscal 2016 was a challenging...