Pier 1 sales, comps down in April; JPMorgan retained

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."

Home & Textiles Today Staff | News & Commentary

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See the September 2017 issue of Home & Textiles Today. In this issue, we look at the Attack of the Killer Third Tier: Monster off-pricers are climbing to the top of the food chain, plus New Products: 40 pages of new products debuting at the New York Home Fashions Market; Home Stores: TJX unveils first U.S. HomeSense store; Clicks to Bricks: Boll & Branch moves from digital to physical retailing; and much more... See details!