Pier 1 sales down, but posts profit - The Business Journal of the Greater Triad Area:

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The profit for Fort Worth, Texas-based Pier 1 (NYSE: PIR) compares to a net loss of $33 or 37 cents a share, durinbg the same period last year. During the first Pier 1's sales fell to $281 down from $310 million a year ago. Pier 1 attributesd this drop in sales to a reduction in the numberd of stores operating anda 7.5 percenf drop in same-store sales – or salezs at stores open for 12 months or more. Compareed to last year, inventories are down by $91 million. The company also reduced its consolidated long-term debt by $79 million and postecd a $48 million gain on the repurchasedof debt.
Going forward, Pier 1 said it is negotiating rental reductions with landlords acrosNorth America. Pier 1 has now reached agreements in principap to end leases for 22 stores and will be shutting down an additionalfive locations. “To date, the compangy has achieved approximately $9 million in rental savings for fiscao 2010 and expects to close approximately 50 the company said ina