Pier 1 sales, comps down in April; JPMorgan retained
Home & Textiles Today Staff -- Home Textiles Today, May 4, 2006
Fort Worth, Texas – Pier 1 Imports has retained JPMorgan to evaluate strategic alternatives, which indicates a sale of assets could be in the offing.
April comp-store sales were down 11.5% and year-to-date declined 6.5%. Pier 1 will report quarterly results on June 15, and now projects a loss of $0.24 and $0.28 per share.
Marvin Girouard, Pier 1 chairman and ceo, called April sales "disappointing." He pointed to leaner inventories, however, and said new catalog mailings and enhanced advertising will start to show better results. He said, "Over the next several months, we believe that the new merchandising and marketing strategies will begin to improve customer traffic and sales."
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