Pier 1 Imports Moves To 1st-quarter Profit

Sales at stores open at least a year, known as same-store sales, slipped 7.5 percent in the first quarter.

Same-store sales are a key indicator of retailer performance since they measure growth at existing stores rather than newly opened ones.

Pier 1 had 1,073 North American stores at quarter's end. It plans to end the leases on 22 stores and close 5 more stores that it has not reached deals on to either lower their rents or end their leases. The retailer said it currently anticipates closing about 50 locations and will continue to try to get lower rents for its stores.