Pier 1 posts Q4 losses, could shutter 80 stores

Fort Worth, Texas Pier 1 Imports said late Friday it lost $29.4 million in its fourth quarter and could close 80 stores this year.

While better than expected, the company’s net income showed a dramatic reversal for the three months ending Feb. 28. During the same period last year, the company earned $14 million.

Sales fell 8% to $389 million, down from $437 million last year. Same-store sales dropped 9.7% during the quarter.

For the year, Pier 1 said it lost $129.2 million, which is 35% more than the year before, when it lost $96 million.

Full-year sales were $1.32 billion, down 12% from $1.5 billion last year.

During the fourth quarter, the company closed 16 stores and ended the year with 1,092 locations.

Last month, Pier 1 said it would cut 10% of full-time equivalent positions in its distribution center, home office and field administration units.

Also Friday, Pier 1 said its foreign subsidiary would buy $79 million of the company's outstanding convertible senior notes, which are due in 2036.