Pier 1 Imports
 | |
| Company type | Public |
|---|---|
| NYSE: PIR | |
| Industry | E-commerce, Retail |
| Founded | 1962 San Mateo, California, U.S. |
| Headquarters | Fort Worth, Texas, U.S. |
Key people | Alasdair James, CEO[1] |
| Products | Furniture |
| Revenue |  US$ 1.828 billion (2016) |
| US$ 54.86 million (2016) | |
| US$ 30.13 million (2016) | |
| Total assets |  US$ 843.08 million (2016) |
| Total equity | US$ 292.03 million (2016) |
Number of employees | 13,500 (2016) |
| Website | pier1.com |
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
The first Pier 1 Imports store 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. (Nasdaq: PMTC), 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 become CEO following Alex Smith's departure in December 2016.[8]
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A Pier 1 Imports store in Oregon -
A Pier 1 Imports store, Pittsfield Twp., MI -
Pier 1 Headquarters
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Stores
The chain operates over 1,000 stores 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.[9] This chain went into Administration in December 2008 and was finally closed in January 2009.[10]
Merchandise
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.[11]
Partnerships
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.[12]
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
References
- ^ https://www.dallasnews.com/business/retail/2017/04/03/pier-1-imports-new-ceo-kmart. Retrieved 16 May 2017.
{{cite web}}: Missing or empty|title=(help) - ^ "Investor Relations". Pier 1 Imports. Retrieved 31 December 2013.
{{cite web}}: Cite has empty unknown parameter:|dead-url=(help) - ^ a b "Pier 1 Imports History". Pier 1 Imports.
- ^ Campoy, Ana (December 20, 2006). "S&P changes makeup of indexes, Spectra set to become index component". MarketWatch.
- ^ Halkias, Maria (December 13, 2012). "Fort Worth-based Pier 1 Imports reported higher sales and profits as superstorm Sandy tempered results". Dallas Morning News.
- ^ Sheryl, Jean (August 22, 2008). "Dallas-Fort Worth's energy boom is prominent factor in office market". Dallas Morning News.
- ^ Smith, Alexander W. (October 24, 2010). "CEO makes tough calls to bring magic back to Pier 1". Dallas Morning News.
- ^ "Pier 1 hires Kmart president to lead business | Furniture Today". www.furnituretoday.com. Retrieved 2018-01-19.
- ^ "Pier 1 Imports (PIR) Sells Subsidiary to Palli Limited for Approx. $15 Mln". Street Insider. March 20, 2006.
- ^ Ramnarayan, Abhinav (December 4, 2008). "The Pier collapses under recession pressure". The Guardian. Retrieved 31 December 2013.
- ^ "About Pier 1 Imports". Pier 1 Imports. Archived from the original on 2008-01-13.
{{cite web}}: Unknown parameter|deadurl=ignored (|url-status=suggested) (help) - ^ "Corporate Partners >> Pier 1 Imports, Inc". United States Fund for UNICEF. Retrieved 31 December 2013.