Pier 1 narrows losses
Pier 1 Imports recorded second-quarter losses of $40.38 million, an improvement from losses of $61.24 million in last year’s second quarter. Sales were down 7 percent to $344.6 million from $370.7 million last year.
Comparable-store sales, which exclude recently closed Pier 1 Kids stores, clearance stores and e-commerce, declined 3.6 percent for the quarter.
President and CEO Alex Smith said the narrower losses showed positive results from initiatives to simplify the company’s core home decor business and drive down costs.
“We know that if we continue to focus on execution of our six business priorities, we will be able to reverse five years of deteriorating trends and return to profitability and beyond,” Smith said. "As we head into the very important holiday selling season, our energies are concentrated on generating sales with sustainable, normalized margins.”
To further cut costs and revitalize its brand image, Pier 1 plans to further liquidate products and introduce more holiday merchandise and bath and body products.