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About Pier 1 Imports, Inc.

When shoppers fish for home decor, Pier 1 Imports wants to be sure they catch something. The company sells thousands of items (imported from dozens of countries) through more than 970 Pier 1 Imports stores in the US and Canada as well as online. Its stores offer a wide selection of indoor and outdoor furniture, lamps, vases, baskets, ceramics, dinnerware, candles, and other decorative accessories. In addition, the company supplies merchandise to stores in Mexico owned by Grupo Sanborns. Pier 1, which has been closing stores, is struggling amid intense competition and falling retail foot traffic

Operations

Pier 1 sells two broad categories of merchandise: decorative accessories and furniture.

Decorative accessories, which includes rugs, mirrors, pillows, lamps, vases, and seasonal items, among other products, account for about two-thirds of the company's revenue. Kitchen, living and dining room, patio, and other furniture contributes the rest.

As its name suggest, Pier 1 does import a substantial portion of its merchandise with some 60% coming from China and about 35% coming from India and Vietnam combined.

Geographic Reach

Texas-based Pier 1 Imports operates about 905 stores across the US (California, Florida, and Texas are the largest markets) and nearly 70 locations in Canada. It also supplies merchandise and licenses its name to in-store departments at stores in Mexico and El Salvador.

The company has regional distribution and fulfillment centers in California, Georgia, Maryland, Ohio, Texas, and Washington.

Sales and Marketing

As part of Pier 1's omni-channel strategy, it sells products via its website and mobile platform in addition to through stores.

The company's core customer is 45- to 60-years old.

Financial Performance

Pier 1 Imports has seen its revenue and net income fall consistently over the past five years amid a tough retail environment. Sales are down 17% since fiscal 2015 (ended February) and net income fell 85% through fiscal 2018 before plummeting into the red in 2019.

In fiscal 2019 the company reported revenue of $1.6 billion, down 14% from the prior year. Same-store sales declined 11% on lower traffic and lower average spend; Pier 1 also operated 30 fewer stores than in 2018.

The net loss of that year of $198.8 million compares to net income of $11.6 million in fiscal 2018. Selling, general, and administrative expenses rose 2% even as revenue fell, resulting in the loss for the year.

Cash at the end of fiscal 2019 was $54.9 million, a decrease of $80.5 million from the prior year. Cash from operations (weighed down by the net loss) used $98.8 million, while investing activities used another $29.3 million, mainly for capital expenditures. Financing activities added $48.2 million as a result of loan borrowings. 

Strategy

Coming off a challenging year, Pier 1 in late fiscal 2019 announced an action plan focused on five areas of the business: revenue and margin, marketing and promotional effectiveness, sourcing and supply chain, cost-cutting, and store optimization. The company is looking to reset its operations as it repositions for growth and has brought on new leadership, including a new chief customer officer and new chief information officer, to aid in the effort. 

It anticipates SG&A savings of $70 million to $80 million for fiscal 2020 and has taken steps to improve the mix and quality of its merchandise in time for holiday shopping. As far as store optimization, the strategy continues one that has been in place to shutter underperforming locations. Pier 1 has closed nearly 50 locations over the past two fiscal years and has plans to close up to 45 in fiscal 2020.

The retailer has also engaged Credit Suisse to evaluate strategic alternatives to enhance shareholder value. 

Pier 1 Imports, Inc.

100 PIER 1 PL
Fort Worth, TX 76102-2600
Phone: 1 (817) 252-8000

Stats

Employer Type: Publicly Owned
Stock Symbol: PIR
Stock Exchange: , NYSE
President and CEO: Alasdair James
Chairman: Terry E. London
EVP and CFO: Nancy A. Walsh
Employees (This Location): 120
Employees (All Locations): 18,000

Major Office Locations

Fort Worth, TX

Other Locations

Anchorage, AK
Fairbanks, AK
Auburn, AL
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Mobile, AL
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