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The Forth Worth, Texas, wicker furniture and tchotchke retailer posted a profit of $11.7 million, or 13 cents a share, in the first quarter ended May 29. This matched the analyst consensus but was down from earnings of $19.1 million, or 21 cents a share, in the year-earlier period. Sales rose 7.3% to $432 million, but same-store sales in the period dropped 1.8%. Gross profit margin as a percent of sales dropped to 39.8% in the latest quarter, from 41.8% last year, while selling and general administration expenses as a percent of sales increased to 32.4% from 31.2% a year ago. Inventory levels rose 13.5% to $384 million, Pier 1 said.
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