Pier 1 2Q Loss Narrows

Fort Worth, Texas Pier 1 Imports Inc. said Thursday that it lost $30.2 million in the second quarter, compared to a loss of $43.3 million in the year before, as it reduced operating expenses.

The company also withdrew its previous 2009 profit guidance, which had called for "modest" profit growth.

Operating expenses fell by $10.4 million to $107 million in the quarter, compared to a year ago.

Pier 1 said same-store sales fell 1.7% in the quarter.