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

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The profit for Fort Worth-based Pier 1 PIR) compares to a net loss of $33 million, or 37 centsx per share, during the same period last year. During the firsft quarter, Pier 1's sales fell to $281 million, down from $310 millionj a year ago. Pier 1 attributes this drop in sale to a reduction in the number of storesd operating anda 7.5 percent drop in same-store sales—o sales at stores open for 12 months or more. Comparedd to last year, inventories are down by $91 The company also reduced itsconsolidated long-terkm debt by $79 million and posted a $48 milliob gain on the repurchase of debt.
Goinv forward, Pier 1, which has two Wichits stores, said it is negotiating rentalo reductions with landlords across North Pier 1 has now reached agreementsx in principal to end leasez for 22 stores and will be shuttingh down an additionalfive locations. “To the company has achieved approximately $9 million in rental savingds for fiscal 2010 and expects to close approximatelh50 locations,” the company said in a