Pier 1 posts quarterly profit despite drop in sales - South Florida Business Journal:

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The profit for Fort Worth, Texas-based Pier 1 PIR) compares to a net loss of $33 or 37 cents a share, during the same periosd last year. During the first Pier 1's sales fell to $281 million, down from $310 million a year ago. Pier 1 attributes this drop in sale to a reduction in the number of storezs operating anda 7.5 percenty drop in same-store sales—or sales at stores open for 12 montha or more. Compared to last year, inventoriexs are down by $91 million. The compant also reduced its consolidated long-term debt by $79 million and postefd a $48 million gain on the repurchase of Going forward, Pier 1 said it is negotiatinh rental reductions with landlords across North America.
Pier 1 has now reachee agreements in principal to end leases for 22 stored and will be shutting down an additionalfive “To date, the company has achieved approximatelyg $9 million in rental savings for fiscaol 2010 and expects to close approximatelyg 50 locations,” the company said in a statement. Pier 1 has 20 storese in South Florida, according to its Web site.