Thursday, April 18, 2019

Pier 1 weighs store closings

Chain Store Age
Pier 1 got no relief in its fourth quarter as the chain reported weak results and suggested that it could close up to 15% of its stores if certain targets are not met. It also announced the departure of its CFO.

Pier 1’s net sales fell 19.5% to $412.5 million in the quarter ended March 3, missing estimates. Same-store sales decreased 13.7% compared to the 13-week period of fiscal 2018. The company estimated that the shift of certain holiday selling days, which were not included in this year’s fiscal fourth quarter, negatively impacted fourth quarter fiscal 2019 company comparable sales by approximately 750 basis points.. . . more