Pier 1 cuts 2Q loss, hopes for profitable future

FORT WORTH, Texas Pier 1 Imports showed improvement for its second quarter ended Sept. 1, reporting a net loss from continuing operations of $43.4 million or 49 cents per share, compared with a net loss of $73.1 million or 84 cents per share for the year ago period. However, the company still reported declines in total sales and comparable-store sales. Total sales declined 7% for the second fiscal quarter to $344.6 million from $370.7 million in the year-ago quarter. Comparable-store sales, which exclude Pier 1 Kids, clearance stores and e-commerce, declined 3.6% for the quarter.

Pier 1 president and ceo Alex Smith said that he was pleased with the company's efforts to increase its performance.

 "I am delighted that our strenuous efforts to simplify our business and drive out costs are already significantly improving our bottom line," said Smith. "We know that if we continue to focus on execution of our six business priorities, we will be able to reverse five years of deteriorating trends and return to profitability and beyond. "