Pier 1 posts 4Q loss

FORT WORTH, Texas Pier 1 Imports reported a net loss of $29 million, or 33 cents per share, for the fourth quarter, versus net income of $14 million, or 16 cents per share, for the same period last year. Total sales for the fourth quarter declined to $389 million from $437 million in the year-ago quarter. According to the company, the decline in total sales during the quarter was attributable to the overall economic environment, a reduction in store count, and a decline in comparable-store sales of 9.7%.

For the fiscal year the company reported a net loss of $129 million, or $1.45 per share, versus a net loss of $96 million, or $1.09 per share, for last year. Total sales for the fiscal year declined to $1,321 million from $1,512 million last year. The decline in sales during the year was attributable to the declines in the overall economic environment, a net store count reduction of 25 stores and a comparable-store sales decline of 9.2%.

Alex Smith, the company’s president and Chief Executive Officer, said, “We believe that we are well positioned heading into this fiscal year to meet the continuing challenges of this environment and to emerge on the other side of this recession a stronger, leaner, and more efficient Pier 1 Imports. We will continue to focus our efforts on making further enhancements to our already much improved merchandise assortments and in-store experience. We remain steadfast in our belief that we can and will return this company to profitability and beyond.”