Smith said traffic in its stores is gradually improving

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canada goose outlet black friday That compared with a net loss of $32.8 million, or 37 cents a share, a year earlier.Excluding the gain, it lost 24 cents a share, while analysts expected a loss of 36 cents a share, according to Reuters Estimates.Merchandise margins were 54 percent of sales in the quarter compared with 51 percent a year earlier, while inventories declined $91 million from prior year levels.It said improved margins were due to lower supply chain costs and the need for fewer profit crunching clearance sales.SALES DECLINES GETTING SMALLER Pier 1 said net sales fell canadian goose jacket 9 percent to $281.1 million, hurt by canada goose store fewer stores and a 7.5 percent drop in comparable store sales, but came in above analysts estimates of $276.2 million.Smith said traffic in its stores is gradually improving, and he was encouraged by business in the first quarter. While sales remain tough in areas like Florida and the West Coast, he said that in those regions, the sales declines are getting smaller.The company said it has reached agreements Canada Goose online in principle to terminate leases on 22 stores, and it will close five additional stores where it did not reach rental termination or reduction deals. It estimates total charges of about $8 million in cash and noncash termination charges related to these closures, of which $5 million were incurred in the first quarter.Additional reporting by Amitha Rajan in Bangalore; Editing by Saumyadeb Chakrabarty, Aradhana Aravindan and Steve Orlofsky canada goose outlet black friday.

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