Pier 1 narrows 1Q loss

FORT WORTH, Texas Pier 1 Imports reported a net loss of $32.8 million or 37 cents per share for the first quarter versus $56.4 million or 64 cents per share reported for the same period last year, a 42% improvement over last year.

Total sales for the first fiscal quarter declined to $310 million from $356 million in the year-ago quarter. Comparable-store sales for the quarter declined 5.4%.

Commenting on the results, Alex Smith, president and ceo, said, "Throughout the quarter we continued to focus on our business priorities which are designed to return our company to profitability and beyond even in difficult times."