Another month, another same-store sales decline at Pier 1 (NYSE:PIR).

The retailer reported that its same-store sales fell in May by 7.7% -- worse than Wall Street analysts expected, and the 14th consecutive month of negative same-store comparisons. Even worse, with same-store sales down 1.8% last May, the comparisons should have been a bit easier.

Granted, the market for home furnishings has gotten tougher of late, but Pier 1 seems to be floundering a bit worse than most in this industry.

For me, the proof is in the stores. I used to be a big fan of Pier 1, and even though the store's merchandise has never exactly been value-priced, I used to buy a fair bit of it. Fast-forward a bit, though, and not only have I not purchased anything there in about two years, but I also haven't been able to find a single thing in the stores that I'd want to own.

Of course, ongoing weakness in same-store sales starts a nasty spiral. When sales don't meet expectations (particularly internal-management expectations), inventory builds up. That sucks up working capital and puts companies in a position where they often must mark down merchandise more aggressively than planned, and that hurts margins. In some cases, it even hurts the image of the store.

All that said, I am still watching this stock carefully. Though I don't own it today, I've made money from this stock on two separate occasions in the past. I really don't think Pier 1 is doomed, and if management can rediscover its knack for locating and stocking interesting and attractive merchandise, the stock could recover.

What's more, other value investors whom I respect are involved with these shares. BerkshireHathaway (NYSE:BRKa) (NYSE:BRKb), Royce Associates, and Olstein Funds all own pieces of Pier 1. Now, even the most brilliant investors can make mistakes, but when you see three quality managers in the same stock, I'd argue that investors who embrace similar philosophies might want to keep an eye on that stock as well.

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Fool contributor Stephen Simpson has no financial interest in any stocks mentioned (that means he's neither long nor short the shares).