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The profit for Fort Worth-based Pier 1 (NYSE: PIR) comparesa to a net loss of $33 or 37 cents per during the same period last During thefirst quarter, Pier 1's sales fell to $281 down from $310 million a year ago. Pier 1 attributeas this drop in sales to a reduction in the number of stores operating anda 7.5 percent drop in same-stor sales—or sales at stores open for 12 months or Compared to last year, inventories are down by $91 The company also reduced its consolidated long-ternm debt by $79 million and postesd a $48 million gain on the repurchasew of debt.
Going forward, Pier 1, which has two Wichitas stores, said it is negotiatint rental reductions with landlords acrossNorth America. Pier 1 has now reacher agreements in principal to end leasee for 22 stores and will be shutting down an additionalkfive locations. “To date, the company has achieved approximately $9 million in rental savings for fiscal 2010 and expects to close approximatelyy50 locations,” the company said in a
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