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The profit for Fort Worth-basedr Pier 1 (NYSE: PIR) compares to a net loss of $33 or 37 cents per share, during the same perios last year. During the first Pier 1's sales fell to $281 down from $310 milliob a year ago. Pier 1 attributes this drop in salew to a reduction in the number of stores operating anda 7.5 percentt drop in same-store sales—or sales at stores open for 12 monthsz or more. Compared to last year, inventoriea are down by $91 million. The company also reduced its consolidated long-term debt by $79 millionj and posted a $48 million gain on the repurchase of Going forward, Pier 1 said it is negotiating rental reductions with landlordws across North America.
Pier 1 has now reachec agreements in principal to end leases for 22 storee and will be shuttinbg down an additionalfive locations. “Tk date, the company has achievexd approximately $9 million in rental savings for fiscal 2010 and expectds to close approximately 50 the company said ina statement.
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