During the quarter, the company opened just one new store and closed 30, including completing the shuttering of the Pier 1 Kids chain. The chain posted a loss of $10 million for the quarter, a marked improvement from a $72.7 million loss last year. More important, EBITDA was positive for the first time in seven quarters, noted Alex W. Smith, president and CEO.
"We are now focused on the Pier 1 stores," Smith said. "We have nothing to distract us."
By the end of the fiscal year, the company will have closed between 90 and 100 units, to operate about 1,100 units in the Unite States and Canada. Future store openings and closings will be strategically assessed for both short- and long-term viability.
Total sales for the third fiscal quarter declined 7.1% to $374.2 million from $402.7 million in the year-ago quarter, largely due to the closure of 98 stores. Comparable store sales declined 1.7% from the previous year, which was heavily promotional.
Pier 1 operates more than 1,100 stores in North America, including Pier 1 Imports stores in 49 states, Canada, Puerto Rico and Mexico.
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