UPDATE: Pier 1 Posts 32% Drop In Q2 Earnings, Lowers Full-Year Forecast

Pier 1 Imports (NYSE: PIR ) reported a 32% drop in its fiscal second-quarter earnings. Pier 1 cut its full-year earnings forecast to $1.23 to $1.29 per share, versus its earlier forecast of $1.27 to $1.32 per share. Pier 1's quarterly profit fell to $17.8 million, or $0.17 per share,