Pier 1 Imports Inc. lost $1.7 million in the third quarter as sales turned sluggish following the Iraqi invasion of Kuwait.
Pier 1's loss of 5 cents a share came on sales of $145.7 million during the quarter that ended Dec. 1. During the same quarter a year ago, Pier 1 earned $5.7 million, or 16 cents a share, on sales of $131.3 million.
For the first nine months of Pier 1's fiscal year, the company said it earned $8.6 million, or 24 cents a share, on sales of $433.7 million. That's a 56 percent decline from the 1989 nine-month profit of $19.8 million, or 55 cents a share, on sales of $380.1 million.