Pier 1 Continues to Defy Haters

Pier 1 just posted a $29-million first-quarter profit. Who would’ve guessed?

Of course, net sales dropped 9.3% and same-store sales were down 7.5% year over year. But even those results weren’t as bad as projected. “The sales declines are getting smaller,” said Alex Smith, the company’s president and chief executive, during its quarterly conference call.