Pier 1 Imports announced unaudited consolidated earnings results for the second quarter and six months ended August 26, 2017. For the quarter, the company reported net sales of $407,607,000 compared to $405,823,000 a year ago. Operating loss was $11,340,000 compared to $4,339,000 a year ago. Loss before income taxes was $13,915,000 compared to $6,898,000 a year ago. Net loss was $7,823,000 compared to $4,069,000 a year ago. Diluted and basic loss per share was $0.10 compared to $0.05 a year ago. Non-GAAP EBITDA was $2.8 million. Adjusted non-GAAP EBITDA was $9.4 million. Adjusted non-GAAP net loss was $4.2 million or $0.05 per share.

For the six months ended, the company reported net sales of $817,132,000 compared to $824,193,000 a year ago. Operating loss was $13,661,000 compared to $12,147,000 a year ago. Loss before income taxes was $18,714,000 compared to $16,972,000 a year ago. Net loss was $10,809,000 compared to $10,089,000 a year ago. Diluted and basic loss per share was $0.13 compared to $0.12 a year ago. Net cash used in operating activities was $73,658,000 compared to $53,605,000 a year ago. Capital expenditures were $25,174,000 compared to $22,781,000 a year ago. Non-GAAP EBITDA was $14.5 million. Adjusted non-GAAP EBITDA was $21.1 million. Adjusted non-GAAP net loss was $7.2 million or $0.09 per share.

The company provided earnings guidance for the third quarter, fourth quarter and full year of fiscal year 2018. For the third quarter, the company expects comparable sales growth negative of 2% to flat, net sales growth negative of 3% to negative of 1% and earnings per share (GAAP) of $0.08 to $0.14.

For the fourth quarter, the company expects comparable sales growth of flat to 2%, net sales growth of 5% to 7%, earnings per share (GAAP) of $0.34 to $0.44 and adjusted earnings per share (non-GAAP) of $0.36 to $0.46.

For the full year of 2018, the company's comparable sales growth negative of 1% to positive of 1%, net sales growth of flat to 2%, depreciation of approximately $54 million, effective tax rate of approximately 41%, earnings per share (GAAP) of $0.31 to $0.41, adjusted earnings per share (non-GAAP) of $0.38 to $0.48 and capital expenditures of approximately $55 million.