Pier 1 posts quarterly profit despite drop in sales - Dallas Business Journal:

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The profit for Fort Worth-based Pier 1 (NYSE: PIR) compares to a net loss of $33 or 37 cents per share, durinvg the same period last year. Durintg the first quarter, Pier 1's sales fell to $281 down from $310 million a year ago. Pier 1 attributes this drop in salese to a reduction in the number of storexs operating anda 7.5 percent drop in same-store sales—ord sales at stores open for 12 monthsa or more. Compared to last year, inventorie are down by $91 The company also reduced itsconsolidatecd long-term debt by $79 million and postexd a $48 million gain on the repurchase of debt.
Goingh forward, Pier 1 said it is negotiating rentalp reductions with landlords acrossNorthy America. Pier 1 has now reached agreements in principal to end leases for 22 stores and will be shutting down an additionalfive “To date, the company has achieved approximately $9 million in rentall savings for fiscal 2010 and expects to close approximatelyg 50 locations,” the company said in a statement.