SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Strategies & Market Trends : The Residential Real Estate Crash Index
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  
To: Smiling Bob who wrote (207274)6/18/2009 11:28:37 AM
From: Smiling BobRead Replies (1) of 306849
 
Debt deal leads to $29.3 million profit for Pier 1 Imports
Sales decline 9.3% to $281.1 million
Larry Thomas -- Furniture Today, June 18, 2009
FORT WORTH, Texas — Buoyed by a one-time gain from repurchasing debt, retailer Pier 1 Imports recorded a profit of $29.3 million in its fiscal first quarter, ended May 30.

The quarterly income, which equals 32 cents per share, reverses a net loss of $32.8 million or 37 cents per share in the same quarter last year.

Sales for the most recent quarter were down 9.3% from the comparable period a year earlier to $281.1 million. The company said the decline was largely due to a reduction in its store count and a same-store sales decline of 7.5%.

The retailer closed 17 stores during the quarter and had 1,073 locations as of May 30. Pier 1 plans to close about 50 more stores this year, and said it is continuing to negotiate rental reductions from many of its landlords.

Its efforts to obtain reduced rents already have resulted in savings of about $9 million, the company said.

The one-time gain of $47.8 million came when a foreign subsidiary of Pier 1 repurchased $79 million worth of the company's convertible senior notes for $27 million in a privately negotiated transaction.

In addition to the gain from the debt repurchase, the retailer recorded a gain of $10.4 million from the settlement of foreign litigation.
Report TOU ViolationShare This Post
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  

HomeMailHotSubjectMarksPeopleMarksKeepersSettings
Terms Of UseContact UsCopyright/IP PolicyPrivacy PolicyAbout UsFAQAdvertise on SI
© 2025 Knight Sac Media.  Data provided by Twelve Data, Alpha Vantage, and CityFALCON News