Pier One: A Farewell to Wicker
December 15, 2005,
FORT WORTH, Texas – Out with its signature wicker wares, in with sleek wood and metal furniture pieces, said Pier 1 Imports during its third quarter earnings call this morning.
Come spring, Pier 1 stores will be stocked with the new merchandise, preceded by a new catalog – the third of its kind since the rollout of the company’s first in September – to 10 million customers.
The company also discussed its holiday sales to date, which have been soft the first two weeks of December but are expected to pick up by end of this month, driven by heavy promotions on decorative items. Pier one reported a third-quarter loss of $7.2 million, reversing a prior-year quarterly profit of $19.5 million. Sales declined by 2.4 percent, to $476.2 million from $487.7 million last year. The make-or-break gauge of same-store sales fell even further, dropping off by 6.5 percent.
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