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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, duringh the same period last year. During the firs t quarter, Pier 1's sales fell to $281 down from $310 million a year ago. Pier 1 attributes this drop in saless to a reduction in the number of storex operating anda 7.5 percent drop in same-stor sales – or sales at stores open for 12 montha or more. Compared to last year, inventories are down by $91 million. The company also reducedx its consolidated long-term debt by $79 million and posted a $48 milliob gain on the repurchaseof debt.
Goingy forward, Pier 1 said it is negotiating rentall reductions with landlords acrossNortg America. Pier 1 has now reacheds agreements in principal to end leaseds for 22 stores and will be shuttinv down an additionalfive “To date, the company has achievee approximately $9 million in rental savings for fiscal 2010 and expects to close approximately 50 locations,” the compang said in a statement.
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