Pier I Imports comments on new tariffs
Pier I Imports does not expect its financial performance this year to be “materially” impacted by the proposed tariff on China — even though more than half of its sales come from Chinese-made merchandise.
In a statement, the home décor retailer noted that approximately 59% of its fiscal net sales this year are expected to be derived from goods produced in China. Of that amount, approximately half is expected to be made up of product classes subject to the proposed 10% tariff on additional classes of products imported to the U.S. from China by the Office of the U.S. Trade Representative.
Pier I said it is evaluating strategies to mitigate the impact of the proposed tariff, including collaborative efforts with its vendor partners, and does not expect financial results in fiscal 2019 to be materially affected.
“There can be no assurance as to the final scope of the proposed tariff or the course or timing of trade negotiations between the United States and China to resolve the issues which led the Office of the U.S. Trade Representative to announce the proposed tariff,” the retailer stated.
In a statement, the home décor retailer noted that approximately 59% of its fiscal net sales this year are expected to be derived from goods produced in China. Of that amount, approximately half is expected to be made up of product classes subject to the proposed 10% tariff on additional classes of products imported to the U.S. from China by the Office of the U.S. Trade Representative.
Pier I said it is evaluating strategies to mitigate the impact of the proposed tariff, including collaborative efforts with its vendor partners, and does not expect financial results in fiscal 2019 to be materially affected.
“There can be no assurance as to the final scope of the proposed tariff or the course or timing of trade negotiations between the United States and China to resolve the issues which led the Office of the U.S. Trade Representative to announce the proposed tariff,” the retailer stated.