Pier One Losses Balloon

Pier 1 Imports Inc. posted a net loss of $72.7 million for the third quarter compared to a net loss of $7.1 million in the prior-year.

The cataloger and retailer reported net sales of $402.7 million for the quarter ended Nov. 25, an 11.8% decrease from $456.7 million last year.

The Fort Worth, TX firm attributed the results to increased markdowns and marketing costs and to charges associated with things like the sale of its private label credit card unit.