Pier 1 Imports to Close 100 Stores
This is Pier 1 Imports latest attempt to put an end to their two-year slump. The company has not turned a profit since Fiscal Year 2005, which ended on February 26, 2005. The company has reported a net loss of 42 million for fiscal year 2006 and a net loss of 226 million for fiscal year 2007. These and other financial details and information about the company can be found on Pier1.com by opening the investor relation's link at the bottom of the page.
During the fist quarter of the current fiscal year, Pier 1 reported a net loss of 56 million, which is double the amount which they report for the same time period last year. In a statement made by Alex W. Smith, the company's President and chief Executive Officer, he believed that the first quarter sales results were a direct result of the speed at which the company is executing its new business priorities and strategies, which are geared towards retuning the company to profitability. The company took aggressive markdowns during the first quarter on their modern craftsman merchandise, which included selling a large portion of the items to the close out chain Big Lots. This aggressive liquidation of merchandise directly contributed to the company's overall poor performance for the first quarter of this fiscal year.
Since taking over as the President and Chief Executive Officer of Pier 1 Imports in February on this year, Alex W. Smith has made several aggressive changes in the way Pier 1 operates, all of which have been part of his six key business priorities, which he outlined early this year. All of these business priorities are aimed at returning the company to profitability.
Pier 1 imports inc., which is based in Fort Worth Texas, operates approximately 1000 stores in North America, with locations in 49 states, Puerto Rico, Canada, and Mexico.
Sources:
Pier 1 Imports, Inc. Pier 1 Imports, Inc. Reports First Quarter Financial Results. June 21, 2007. http://www.pier1.com/investorrelations/pressreleases.aspx. Retrieved June 23, 2007.
Pier 1 Imports, Inc. Pier 1 Imports, Inc. Announces Quarterly Conference Call. June 14, 2007. http://www.pier1.com/investorrelations/pressreleasedetail.aspx?ReleaseID=1015710. Retrieved June 23, 2007.
Pier 1 Imports, Inc. Pier 1 Imports, Inc. Reports Fourth Quarter and Fiscal 2007 Financial Results. March 12, 2007. http://www.pier1.com/investorrelations/pressreleasedetail.aspx?ReleaseID=983986. Retrieved June 23, 2007.
These and other financial details and information about the company can be found on Pier1.com by opening the investor relation's link at the bottom of the page.
Published by Rain Patchett
Rain is a multimedia artist and graduate student in Public Health specializing in disaster preparedness. She previously earned a BS in Film/Video specializing in screenwriting. She is an avid dog trainer cur... View profile
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9 Comments
Post a CommentI used to love shopping at pier one. Then the merchandise seemed to get a little crappier and the price increased and the sales people are not very personable. I love their dishes but the customer service sucks so bad I wouldn't waste my time even if they had a great going out of business sale.
no wounder that pier one going under.... as an ex 10 year employee. the mangament and HR. treats their people like crap, you get hurt on job even if its not your fault you get fired... have a doc excuse for missing time??? dosent matter.. they make new rules every month to make it work out in their favor..... pier one had queer eye for str8 guy , to roll in the sales.... but when asked to allow your partner to be added to your insurence, their reply same sex couples will raise the co pay....... so gay people and family of gay lez... dont shop at pier one,,,
take a second look....new merchandise looking great, and lots of lower prices, more gifty stuff. I heard they cleaned out the old stuff by selling it off to
Big Lots to make room for lots of new seasonal decor and Christmas items. I wish'em luck because i always loved that store!
On top of ugly cheaply made home decor, I must say Pier 1 is not very environmentally friendly. I watched a salesperson taking items out of cardboard boxes which were filled with plastic peanuts. She then removed a bubble wrapped item, unwrapped yet another thin plastic wrap and then opened a plastic bag with a candle holder in yet another plastic wrap. That one box on candle holders garnered enough plastic wrappings to fill an entire plastic gargae bag. I asked if they reused the plastic wrappings and she said they just put it into the trash. She felt bad but she was following instructions. I understand wanting to protect merchandise, perhaps if it were sturdier and better made. Maybe they could use reusable softsided containers. It just seems in the current environmental state of the earth, a company with P1's history would want to be more responsible.
Thank you for the comments. I was also suprised to see Pier 1 merchandise at Big Lots. I have alot of Pier 1 merchandise in my house as well, but I have not bought anything lately because I have not liked the new merchandise they've been carrying
interesting article...I had no idea that pier 1 was in trouble
I was just at Big Lots this week and saw lots of Pier 1 curtains and furniture. Now it makes sense why they were there. Sorry to hear about them doing poorly and closing. I've always loved Pier 1.
very over priced out here on Long island too. great reporting doll!Love the name too. ;)
I don't know about other Pier 1 stores, but ours was very overpriced, had some pretty ugly out-of-date merchandise, and was completely outdone by World Market. Good report.