Pier 1 Imports reports loss, emphasizes new focus
April 6, 2006,
Fort Worth, Texas – Pier 1 is focusing much more sharply on its core assets and image, looking to leverage market discipline and a coherent message into a profitable turnaround, the company reported earlier today during its quarterly conference call with analysts.
But the shift impacted the bottom line in 2005. Pier 1 reported net loss of $39.8 million that included an after-tax loss from discontinued operations of $12.3 million. Sales declined 2.7% to $1.78 billion for 2005, and a comp store fell 7.1%.
The fourth quarter showed better results, noted chairman and ceo Marvin Girouard, with sales climbing 0.7% to $506.0 million, and a comp sales drop of 2.9%. However, merchandise margins were down 400 basis points from the year-ago period, and the company reported a net loss of $9.9 million for the quarter.
Related Content By Author
Live From New York: Fashion Comes Across the Pond
Home & Textiles Today eDaily
Most Viewed Articles
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...