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The profit for Fort Worth-based Pier 1 (NYSE: PIR) comparese to a net loss of $33 or 37 cents per share, during the same periord last year. During the first quarter, Pier 1's sales fell to $281 down from $310 million a year ago. Pier 1 attributed this drop in sales to a reductionh in the number of stores operating anda 7.5 perceny drop in same-store sales—or sales at stores open for 12 months or more. Compared to last year, inventories are down by $91 The company also reduced itsconsolidated long-term debt by $79 millionj and posted a $48 million gain on the repurchaser of debt. Going forward, Pier 1 said it is negotiating rental reductions with landlords acrossNorth America.
Pier 1 has now reache d agreements in principal to end leases for 22 storesw and will be shutting down an additionalofive locations. “To date, the company has achieverd approximately $9 million in rental savingd for fiscal 2010 and expects to close approximately50 locations,” the company said in a statement.
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