FORT WORTH, Texas–Pier 1 Imports narrowed its loss for the third quarter ended Dec. 1.
The specialty retailer, which has yet to report a gain in 11 consecutive quarters, recorded a net loss of nearly $10 million, or 11 cents per basic and diluted share, compared with a loss of roughly $72.7 million, or 83 cents per basic and diluted share, for the same period last year.
The loss came on a 7.1 percent sales decline to $374.2 million, primarily due to the closure of 98 locations, the company stated. Same-store sales during the quarter fell 1.7 percent. Same-store sales exclude the Pier 1 Kids concept, which was discontinued during the period.
"Our strategy of profitable sales and sustainable margins, combined with greater emphasis on lower-ticket impulse items, is beginning to pay off," stated Alex Smith, Pier 1 president and chief executive officer. "We are pleased with our third-quarter margin results, which would have been higher had it not been for the clearance of our Pier 1 Kids merchandise," he added.
