Pier 1 cuts 3Q loss, moves toward profitability

FORT WORTH, Texas Pier 1 Imports made progress in its goal to return to profitability today, reporting a net loss from continuing operations of $10 million or 11 cents per share for the third quarter ended Dec. 1 versus a net loss of $72.7 million or 83 cents per share for the year ago period.

The company reported that total sales for the quarter were $374.2 million, a decrease of 7.1% for the $402.7 million in the prior year period. According to Pier 1, this was mainly due to the closure of 98 stores. Comparable-store sales declined 1.7% for the quarter.

Alex Smith, the company’s president and ceo, said, “During the third quarter, we have begun to see improvements in conversion rates, units per transaction, and total transaction value. This is only the beginning; we still have a lot of work to do. However, the fact that we achieved these results with less than perfect execution gives me great optimism about our ability to return to profitability and beyond.”