Pier 1 3Q Loss Widens

New York City Pier 1 Imports Inc. said that the company's loss for the third-quarter ended Nov. 29 widened to $36.9 million from $10 million. Meanwhile, revenue fell 20% to $300.9 million from $374.2 million last year.

The company also said it could face delisting if its stock price does not improve.

CEO Alex Smith, who has been working to reverse falling sales since joining in 2007, said the "raw numbers" were "extremely disappointing, but not a surprise."

However, he added that merchandise offerings and in-store service are "significantly" better than last year, but the recession and downturn in consumer spending hurt results.

Smith added that the company planned to return to profitability in 2010 but the recession has "slowed our speed and increased our timeline."

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