IE 11 is not supported. For an optimal experience visit our site on another browser.

Cost Plus shares fall on weak 2Q earnings

Shares of specialty retailer Cost Plus Inc. plunged Friday after the company reported its second-quarter loss narrowed but said it expected a weak third quarter.
/ Source: The Associated Press

Shares of specialty retailer Cost Plus Inc. plunged Friday after the company reported its second-quarter loss narrowed but said it expected a weak third quarter.

Shares fell 57 cents, or 19.3 percent, to $2.38 Friday. The stock has traded between 51 cents and $3.09 over the past year.

The Oakland, Calif.-based company said late Thursday its loss narrowed to $20.8 million in the fiscal second quarter, but added that it expects a third-quarter loss of $19 million to $24 million, compared with a loss of $21 million in the prior year.

The furniture sector has been hurt by the recession as consumers cut back on buying big-ticket items and focus on bargains.