Pier 1 Imports

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Pier 1 Imports Inc.
Public
Traded asNYSEPIR
Russell 2000 Component
IndustryE-commerce, Retail
Founded1962; 57 years ago (1962)
San Mateo, California, U.S.
HeadquartersFort Worth, Texas, U.S.
Key people
Cheryl Bachelder, CEO[1]
ProductsFurniture
RevenueDecreaseUS$ 1.552 billion (2018)
DecreaseUS$ -188.0 million (2018)
DecreaseUS$ -198.8 million (2018)
Total assetsIncreaseUS$ 843.08 million (2016)
Total equityIncreaseUS$ 292.03 million (2016)
Number of employees
13,500 (2016)
Websitepier1.com
Pier 1 Imports, Liberty Tree Mall, Danvers, Massachusetts

Pier 1 Imports Inc. is a Fort Worth, Texas–based omnichannel retailer specializing in imported home furnishings and decor, particularly furniture, table-top items, decorative accessories, and seasonal decor. It is publicly traded on the New York Stock Exchange under ticker PIR.[2]

History[edit]

The first Pier 1 Imports store under the name Import Cargo opened in San Mateo, California, in 1962. According to the company's official history, the original store catered to hippy baby boomers and featured love beads and incense.[3]

By 1966, Pier 1 had grown to 16 store locations, and established its corporate headquarters in Fort Worth, Texas.

Pier 1 went public on the American Stock Exchange in 1970 and later joined the New York Stock Exchange in 1972.[3] At this time, the company had grown to 123 stores, posted 100 percent sales gains for four consecutive years, and opened stores internationally in Australia and Europe. A Pier 1 store in Royal Oak, Michigan reached annual sales of $1 million in 1979. By 1985, the Pier 1 chain grew to 265 stores, with the management goal of doubling that number by 1990.

On December 29, 2006, Standard & Poor's bumped Pier 1 Imports Inc. down one spot and off the bottom of the S&P MidCap 400 Index when it added Parametric Technology Corp. (NASDAQPMTC), a software company.[4] As of December 2012, the company had sales of $418 million.[5]

In April 2008, Chesapeake Energy bought the headquarters of Pier 1 for $104 million.[6][7]

In May 2017, Alasdair James became CEO following Alex Smith's departure in December 2016.[8] In December 2018, Alasdair James was replaced by veteran CEO Cheryl Bachelder. Bachelder is serving as interim CEO.

Financial data[edit]

Numbers given in millions USD.

Fiscal year Revenue Revenue change
Year over year
Gross profit Net income
2020
(Q1-Q2)[9]
Q2
(Jun - Aug 2019)
618.9 304.5 -14.9% -14.3% 129.6 78.8 -182.2 -100.5
Q1[10]
(Mar - Jun 2019)
314.3 -15.5% 50.8 -81.7
2019[11] Q4
(Dec - Mar 2019)
1 552 412.5 -13.7% -19.5% 450.9 106.7 -198.8 -68.8
Q3[12]
(Sep - Dec 2018)
413.2 -11.9% 130.4 -50.4
Q2[13]
(Jun - Sep 2018)
355.3 -12.8% 93.5 -51.0
Q1[14]
(Mar - Jun 2018)
371.8 -9.2% 120.1 -28.5
2018[15] Q4
(Nov - Mar 2018)
1 798 512.2 -1.6% -3.1% 658.1 189.7 11.6 15.0
Q3[16]
(Aug - Nov 2017)
469.1 -1.4% 176.6 7.3
Q2[17]
(May - Aug 2017)
407.6 0.4% 140.1 -7.8
Q1[18]
(Feb - May 2017)
409.5 -2.2% 151.5 -2.9
2017[19] Q4
(Nov - Feb 2017)
1 828 528.3 -3.4% -2.6% 697.3 206.9 30.1 26.6
Q3[20]
(Aug - Nov 2016)
475.9 -0.4% 196.3 13.5
Q2[21]
(May - Aug 2016)
405.8 -6.7% 145.0 -4.0
Q1[22]
(Feb - May 2016)
418.3 -4.2% 148.9 -6.0
2016[23] Q4
(Nov - Feb 2016)
1 892 542.3 0.4% -1.4% 704.9 196.8 39.6 18.6
Q3[24]
(Aug - Nov 2015)
472.5 -2.5% 178.4 10.9
Q2[25]
(May - Aug 2015)
429.9 2.7% 149.5 3.1
Q1[26]
(Mar - May 2015)
432.0 3.1% 164.6 6.8
2015[27] Q4
(Nov - Feb 2015)
1 884 543.6 5.3% 5.7% 768.4 214.4 75.1 33.0
Q3[28]
(Aug - Nov 2014)
484.5 4.1% 204.9 17.8
Q2[29]
(Jun - Aug 2014)
418.6 5.8% 162.6 9.1
Q1[30]
(Mar - May 2014)
419.0 6.3% 167.7 15.0
2014[31] Q4
(Dec - Mar 2014)
1 771 515.7 3.9% -4.6% 745.5 214.4 107.5 42.5
Q3[32]
(Sep - Nov 2013)
465.4 9.6% 202.2 26.7
Q2[33]
(Jun - Aug 2013)
395.6 7.6% 161.2 17.8
Q1[34]
(Mar - Jun 2013)
394.8 9.3% 167.5 20.3
2013[35] Q4
(Nov - Mar 2013)
1 704 551.6 11.2% 15.7% 743.0 254.9 129.4 61.7
Q3[36]
(Aug - Nov 2012)
424.5 10.9% 186.2 23.6
Q2[37]
(May - Aug 2012)
367.6 8.3% 151.5 26.2
Q1[38]
(Feb - May 2012)
361.1 7.9% 150.2 17.8
2012[39] Q4 1 533 9.8% 651.1 168.9
Q3[40]
(Aug - Nov 2011)
382.6 8.2% 22.9
Q2[41]
(May - Aug 2011)
339.5 9.6% 16.6
Q1[42]
(Feb - May 2011)
334.6 9.3% 14.0
2011[43] Q4
(Nov - Feb 2011)
1 396 426.5 8.2% 555.4 182.4 100.1 57.0
Q3[44]
(Aug - Nov 2010)
353.7 8.2% 144.0 21.0
Q2[45]
(May - Aug 2010)
309.8 8.1% 114.4 14.3
Q1[46]
(Feb - May 2010)
306.2 8.9% 114.3 7.6
2010[47] Q4
(Nov - Feb 2010)
1 290 395.9 -2.3% 440.4 154.1 86.8 34.5
Q3[48]
(Aug - Nov 2009)
327.0 8.7% 119.8 38.8
Q2[49]
(May - Aug 2009)
286.6 -10.5% 81.5 -15.7
Q1[50]
(Mar - May 2009)
281.1 -9.3% 84.8 29.3
2009[51] Q4
(Nov - Feb 2009)
1 320 -12.6 363.5 -129.3
Q3[52]
(Aug - Nov 2008)
300.9 -19.6 -36.8
Q2[53]
(Jun - Aug 2008)
320.4 -7.0 -30.1
Q1[54]
(Mar - May 2008)
310.0 -32.8
2008[55] Q4 1 511 -6.9% 439.6 -96.0
Q3[56]
(Sep - Dec 2007)
374.1 -7.1% -9.9
Q2[57]
(Jun - Sep 2007)
344.5 -7.0% -43.4
Q1[58]
(Mar - Jun 2007)
356.3 -5.2% -56.3
2007[59] 1 623 474.0 -227.6
2006[60] Q4
(Nov - Feb 2006)
1 776 506.0 601.7 161.7 -39.8 -9.9
Q3
(Aug - Nov 2005)
456.6 167.3 -7.1
Q2
(May - Aug 2005)
423.6 135.1 -10.1
Q1
(Feb - May 2005)
390.3 137.4 -12.4
2005[60][61][a] 1 825 703.6 60.4
2004[60][61][a] 1 806 760.9 118.0
2003[60][61][a] 1 703 736.4 129.4
2002[60][61][a] 1 505 636.9 100.2
2001[62] 1 411 594.5 94.6
2000[63] Q4
(Nov - Feb 2000)
1 231 8.1% 512.5 74.7
Q3[64]
(Aug - Nov 1999)
298.2 8.6% 16.1
Q2[65]
(May - Aug 1999)
291.7 3.7% 11.8
Q1[66]
(Feb - May 1999)
261.0 4.2% 12.6
1999[67] Q4
(Nov - Feb 1999)
1 138 500.4 80.3
Q3[68]
(Aug - Nov 1998)
274.6 5.0% 19.0
Q2[69]
(May - Aug 1998)
281.4 9% 17.4
Q1[70]
(Mar - May 1998)
250.5 9.3% 15.5
1998[71] Q4 1 075 461.5 78.0
Q3[72]
(Aug - Nov 1997)
262.7 16.5% 16.7
Q2[73]
(Jun - Aug 1997)
258.1 11.7% 22.0
Q1[74]
(Mar - May 1997)
229.2 11.7% 12.6
1997[75] Q4
(Dec - Feb 1997)
947 384.5 44.1
Q3[76]
(Sep - Nov 1996)
225.5 18.6% 6.5
Q2[77]
(Jun - Aug 1996)
231.0 15.8% 11.4
Q1

Stores[edit]

Pier 1 Imports store in Canada

The chain operates 973 stores[78] under the name Pier 1 Imports in the United States and Canada. The company also had a children's furniture and accessories retail concept in the United States called Pier 1 Kids which was disbanded in September 2007. It was a member of the S&P MidCap 400 list through the end of 2006, when it was bumped off the list.

Pier 1 Imports also owned a chain of home-decor retailers (40 locations as of February 2006) in the United Kingdom called "The Pier" until it was sold to Palli Limited, a subsidiary of the Iceland-based Lagerinn ehf in March 2006 for approximately $15 million.[79] This chain went into Administration in December 2008 and was finally closed in January 2009.[80]

On April 17, 2019, Pier 1 announced plans to close up to 145 stores in its 2020 fiscal year ending in March. The company had already closed 30 locations in its 2019 fiscal year.[78]

Merchandise[edit]

Pier 1 merchandise consists of home furnishings and items including accessories such as candles, vases, and picture frames as well as full-sized upholstered furniture, hand-carved armoires, large-scale vases and eclectic wall décor. Items are imported, created in conjunction with foreign designers, or produced by Pier 1's Trend and Product Development team.[81]

Partnerships[edit]

Pier 1 has been a corporate partner of the U.S. Fund for UNICEF since 1985—its longest-running corporate partnership—generating more than $42 million by selling UNICEF greeting cards, cause marketing, and emergency relief for Afghanistan, Haiti, and Iraq, as well as areas affected by the Indian Ocean tsunami.[82]

Former spokespeople for the company, seen largely in broadcast commercials, include Cheers alumna Kirstie Alley and Thom Filicia of Queer Eye for the Straight Guy.

See also[edit]

Notes[edit]

  1. ^ a b c d Reevaluation of credit card receivables and subsequent recategorization as nonmonetary, thus data for years 2002-2005 changed in the filing for the fiscal year 2006.

References[edit]

  1. ^ "Cheryl A Bachelder, Pier 1 Imports Inc.: Profile and Biography - Bloomberg Markets".
  2. ^ "Investor Relations". Pier 1 Imports. Retrieved 31 December 2013.
  3. ^ a b "Pier 1 Imports History". Pier 1 Imports.
  4. ^ Campoy, Ana (December 20, 2006). "S&P changes makeup of indexes, Spectra set to become index component". MarketWatch.
  5. ^ Halkias, Maria (December 13, 2012). "Fort Worth-based Pier 1 Imports reported higher sales and profits as superstorm Sandy tempered results". Dallas Morning News.
  6. ^ Sheryl, Jean (August 22, 2008). "Dallas-Fort Worth's energy boom is prominent factor in office market". Dallas Morning News.
  7. ^ Smith, Alexander W. (October 24, 2010). "CEO makes tough calls to bring magic back to Pier 1". Dallas Morning News.
  8. ^ "Pier 1 hires Kmart president to lead business | Furniture Today". www.furnituretoday.com. Retrieved 2018-01-19.
  9. ^ "Pier 1 Imports, Inc. Reports Second Quarter Fiscal 2020 Financial Results - Pier 1 Imports Investor Relations".
  10. ^ https://investors.pier1.com/news-releases/news-release-details/pier-1-imports-inc-reports-first-quarter-fiscal-2020-financial
  11. ^ "Pier 1 Imports, Inc. Reports Fourth Quarter and Full Year Fiscal 2019 Financial Results".
  12. ^ "Pier 1 Imports, Inc. Reports Third Quarter Fiscal 2019 Financial Results".
  13. ^ "Pier 1 Imports, Inc. Reports Second Quarter Fiscal 2019 Financial Results".
  14. ^ "Pier 1 Imports, Inc. Reports First Quarter Fiscal 2019 Financial Results; Provides Q2 Outlook; Full Year Fiscal 2019 Guidance Remains Unchanged".
  15. ^ "Pier 1 Imports, Inc. Reports Fourth Quarter and Full Year Fiscal 2018 Financial Results".
  16. ^ "Pier 1 Imports, Inc. Reports Third Quarter Fiscal 2018 Financial Results".
  17. ^ "Pier 1 Imports, Inc. Reports Second Quarter Fiscal 2018 Financial Results".
  18. ^ "Pier 1 Imports, Inc. Reports First Quarter Fiscal 2018 Financial Results".
  19. ^ "Pier 1 Imports, Inc. Reports Fourth Quarter and Full-Year Fiscal 2017 Financial Results".
  20. ^ "Pier 1 Imports, Inc. Reports Third Quarter Fiscal 2017 Financial Results".
  21. ^ "Pier 1 Imports, Inc. Reports Second Quarter Fiscal 2017 Financial Results".
  22. ^ "Pier 1 Imports, Inc. Reports First Quarter Fiscal 2017 Financial Results".
  23. ^ "Pier 1 Imports, Inc. Reports Fourth Quarter and Full-Year Fiscal 2016 Financial Results".
  24. ^ "Pier 1 Imports, Inc. Reports Third Quarter Fiscal Year 2016 Financial Results".
  25. ^ "Pier 1 Imports, Inc. Reports Second Quarter Fiscal Year 2016 Financial Results".
  26. ^ "Pier 1 Imports, Inc. Reports First Quarter Fiscal Year 2016 Financial Results".
  27. ^ "Pier 1 Imports, Inc. Reports Fourth Quarter and Fiscal Year 2015 Financial Results - Pier 1 Imports Investor Relations".
  28. ^ "Pier 1 Imports, Inc. Reports Fiscal 2015 Third Quarter Results".
  29. ^ "Pier 1 Imports, Inc. Reports Fiscal 2015 Second Quarter Results; Revises Full Year Financial Guidance; Provides Roadmap for Omni-Channel Business and Intermediate-Term Financial Goals".
  30. ^ "Pier 1 Imports, Inc. Reports Fiscal 2015 First Quarter Results".
  31. ^ "Pier 1 Imports, Inc. Reports Fourth Quarter and Fiscal Year 2014 Financial Results - Pier 1 Imports Investor Relations".
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  33. ^ "Pier 1 Imports, Inc. Reports Fiscal 2014 Second Quarter Results".
  34. ^ "Pier 1 Imports, Inc. Reports 2014 First Quarter Results".
  35. ^ "Pier 1 Imports, Inc. Reports 2013 Fourth Quarter and Fiscal Year Financial Results".
  36. ^ "Pier 1 Imports, Inc. Reports Fiscal 2013 Third Quarter Financial Results".
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  40. ^ "QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended November 26, 2011".
  41. ^ "QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended August 27, 2011".
  42. ^ "QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the quarterly period ended May 28, 2011".
  43. ^ "ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended February 26, 2011".
  44. ^ "QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the quarterly period ended November 27, 2010".
  45. ^ "QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the quarterly period ended August 28, 2010".
  46. ^ "QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the quarterly period ended May 29, 2010".
  47. ^ "ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended February 27, 2010".
  48. ^ "QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the quarterly period ended November 28, 2009".
  49. ^ "QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the quarterly period ended August 29, 2009".
  50. ^ "QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the quarterly period ended May 30, 2009".
  51. ^ "ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended February 28, 2009".
  52. ^ "QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the quarterly period ended November 29, 2008".
  53. ^ "QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the quarterly period ended August 30, 2008".
  54. ^ "QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the quarterly period ended May 31, 2008".
  55. ^ "ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended March 1, 2008".
  56. ^ "QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the quarterly period ended December 1, 2007".
  57. ^ "QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the quarterly period ended September 1, 2007".
  58. ^ "QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the quarterly period ended June 2, 2007".
  59. ^ "ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended March 3, 2007".
  60. ^ a b c d e "ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended February 25, 2006".
  61. ^ a b c d ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended February 25, 2006, p. 48
  62. ^ "ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE --- ACT OF 1934 For the fiscal year ended MARCH 3, 2001".
  63. ^ "For the fiscal year ended February 26, 2000".
  64. ^ "QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the quarterly period ended November 27, 1999".
  65. ^ "QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the quarterly period ended August 28, 1999".
  66. ^ "QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the quarterly period ended May 29, 1999".
  67. ^ "For the fiscal year ended February 27, 1999".
  68. ^ "QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the quarterly period ended November 28, 1998".
  69. ^ "QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the quarterly period ended August 29, 1998".
  70. ^ "QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the quarterly period ended May 30, 1998".
  71. ^ "For the fiscal year ended February 28, 1998".
  72. ^ "QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the quarterly period ended November 29, 1997".
  73. ^ "QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the quarterly period ended August 30, 1997".
  74. ^ "QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the quarterly period ended May 31, 1997".
  75. ^ "For the fiscal year ended March 1, 1997".
  76. ^ "QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the quarterly period ended November 30, 1996".
  77. ^ "QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the quarterly period ended August 31, 1996".
  78. ^ a b "More store closings coming: Pier 1 Imports could close up to 145 more stores". USA TODAY. Retrieved 2019-05-10.
  79. ^ "Pier 1 Imports (PIR) Sells Subsidiary to Palli Limited for Approx. $15 Mln". Street Insider. March 20, 2006.
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  82. ^ "Corporate Partners >> Pier 1 Imports, Inc". United States Fund for UNICEF. Retrieved 31 December 2013.