FORT WORTH, Texas–Pier 1’s net loss totaled $15.8 million, compared to the $30.2 million loss it posted in the second quarter of last year.
Pier 1 shaved 15 percent from its selling, general and administrative expenses in the quarter, and its cost of goods sold fell 12.5 percent. In addition, the company said in a statement on its second-quarter results that it had reduced its inventories by $43 million versus the same period of last year.
Net sales for Pier 1 finished the quarter at $286.7 million, down 10.6 percent from a year ago. Same-store sales dropped 7.6 percent.
Alex Smith, Pier 1’s president and chief executive officer, said the retailer is continuing its focus on “a lean and efficient infrastructure,” and that the third quarter should produce “significant improvements” in Pier 1’s merchandise margin compared to last year’s third quarter.
“Our stores look really good, and we are looking forward to the holiday transition which will begin in October,” Smith said.