Pier 1 Imports Inc (NYSE:PIR) took a few steps back in its latest quarterly earnings report as the company missed expectations.

The company experienced a decline in same-store sales to go along with the earnings miss, prompting it to halt dividend payments in order to improve its balance sheet. Adjusted earnings tallied up to $15 million, or 19 cents per share for the quarter.

The figure was well below the year-ago total of $27 million, or 33 cents per share in adjusted earnings. The Wall Street consensus estimate was calling for Pier 1 to bring in adjusted earnings of 20 cents per share, according to data compiled by FactSet.

On the revenue front, the company brought in $512 million, a 3.1% decline compared to the $528 million from the year-ago quarter. Analysts were calling for Pier 1 to rake in $540 million in sales, according to data compiled by FactSet.

The company’s comparable-store sales also fell by ab out 7.5%, which was much steeper than analysts’ expectations of a 2.7% drop. Pier 1 added that halting its dividend program “will enable the company to allocate greater resources toward implementing its three-year strategic plan to drive sales and earnings growth and increase shareholder value.”

Stopping the quarterly cash dividend of 7 cents per share is projected to add roughly $22 million of incremental cash flow in fiscal 2019, the company said.

PIR stock plummeted more than 14.4% after the bell Wednesday on the company’s quarterly earnings woes.