Pier I Imports reduced its loss in the first quarter amid a boost in its gross margin and other operational improvements.
Pier 1 reported its first-quarter loss narrowed to $3 million, or 4 cents a share, from $6 million, or 7 cents a share, a year earlier. Its results beat expectations.
Revenue fell to $409.5 million, less than expected, from $418.4 million. The home decor retailer noted that the average number of stores operating in the quarter decreased approximately 1% compared to the year-ago period. Same-store sales were flat.
