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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 1,000 Pier 1 Imports stores across North America. 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 more than 70 stores in Mexico owned by Grupo Sanborns.

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, accounts 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 940 stores across the US (California, Florida, and Texas are the largest markets) and nearly 80 locations in Canada. It also supplies merchandise and licenses its name to in-store departments at some 70 stores in Mexico and one in El Salvador.

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

Sales and Marketing

As part of Pier 1's omni-channel strategy, it sells products through its website and mobile platform. E-commerce represents about 20% of total sales.

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

Financial Performance

After a few years of growth, Pier 1 Imports has held steady between $1.8 billion and $1.9 billion over the past three years. In fiscal 2017 (ended February) revenue fell 3% to $1.83 billion as same-store sales declined 1% and the company operated 14 fewer stores than in the prior year. This was partially offset by an increase in e-commerce sales.

The drop in revenue combined with an increase in selling, general, and administrative expenses (primarily marketing expenses and costs associated with a CEO transition) resulted in a nearly 25% decline in net income. Following along with revenue and net income, Pier 1's cash from operations also fell in 2017, dropping about 30% to $116 million.

Strategy

As part of its 1 Pier 1 strategy, Pier 1 is looking to close about 100 stores by fiscal 2018 or 2019. It reported 22 net store closures in fiscal 2016 and 14 in fiscal 2017. This store optimization initiative also includes a more modest new store opening program going forward (Pier 1 opened seven new locations in 2017).

In addition, the company is focused on accelerating growth through its omni-channel program, which is designed to give customers a consistent, seamless experience wherever they shop (online, via mobile devices, or in stores). Pier 1 revamped its website in late 2015, optimizing it for mobile use, and has since seen continued improvement in mobile traffic and sales.

An active summer 2017 hurricane season is expected to have an impact on Pier 1's fiscal 2018 performance as the company was forced to temporarily close some 125 stores in Texas, Florida, and other states.

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
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Auburn, AL
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