Shares of Pier 1 Imports Inc. fell more than 4% late Wednesday after the retailer posted fourth-quarter earnings above expectations but falling quarterly sales, and said it expected flat to slightly negative sales growth in the first quarter. Pier 1 said it earned $26.6 million, or 33 cents a share, in the quarter, compared with $18.7 million in the year-ago period. Adjusted for one-time items, the retailer earned 34 cents a share. Sales fell 2.6% to $528.4 million. Analysts polled by FactSet had expected adjusted earnings of 33 cents a share on revenue of $529 million. Shares ended the regular trading session down 0.1%.
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