Pier 1 2Q Loss Narrows
Fort Worth, Texas, Pier 1 Imports Inc. reported on Thursday a loss of $43.4 million compared with a loss of $73.1 million in the prior year. Total operating costs fell to $384.9 million from $432 million.
Selling, general and administrative expenses declined to $117.5 million from $153.1 million, while depreciation and amortization costs dipped to $10.4 million from $13.6 million.
Revenue for the period ended Sept. 1 dropped 7% to $344.6 million from $370.7 million a year ago, while same-store sales slipped 3.6%, excluding Pier 1 Kids, clearance stores and e-commerce.