Pier I Imports Q1 loss widens; looks to fall brand relaunch
Pier I Imports’ strategy for relaunching its faltering brand can’t come soon enough.
The retailer reported a net loss of $28.5 million, or thirty-six cents per share, for the period ended June 2, compared to a loss of $3 million for the year-ago period. Its performance beat the Street.
Net sales decreased 9.2% to $371.9 million, less than expected. Same-store sales fell 8.2%.
“We unveiled our three-year strategic plan in April 2018, at which point we laid out our expectations for the first quarter, full year fiscal 2019 and our overall three-year plan,” said Alasdair James, president and CEO. “Our first quarter performance was in line with those expectations. One quarter into our three-year journey, we are on track with execution and preparing for the re-launch of the Pier 1 brand this fall.”
The plan, called “Pier 1 2021: A New Day,” features a number of initiatives and organizational changes to drive growth, including targeting niche groups of consumers, shaper pricing, and creating a more compelling shopping experience through enhanced merchandising and messaging. It also involves new marketing strategies to support the retailer’s new brand positioning – ‘Pier 1: This is me.’
Pier I operated 997 stores at the end of the quarter, down 19 from last year.
In related news, a Dallas federal judge dismissed an employee retirement plan's securities fraud case against Pier 1, saying it hadn't proved that the retailer knowingly mislead investors about inventory issues, reported Dallasnews.com.
The retailer reported a net loss of $28.5 million, or thirty-six cents per share, for the period ended June 2, compared to a loss of $3 million for the year-ago period. Its performance beat the Street.
Net sales decreased 9.2% to $371.9 million, less than expected. Same-store sales fell 8.2%.
“We unveiled our three-year strategic plan in April 2018, at which point we laid out our expectations for the first quarter, full year fiscal 2019 and our overall three-year plan,” said Alasdair James, president and CEO. “Our first quarter performance was in line with those expectations. One quarter into our three-year journey, we are on track with execution and preparing for the re-launch of the Pier 1 brand this fall.”
The plan, called “Pier 1 2021: A New Day,” features a number of initiatives and organizational changes to drive growth, including targeting niche groups of consumers, shaper pricing, and creating a more compelling shopping experience through enhanced merchandising and messaging. It also involves new marketing strategies to support the retailer’s new brand positioning – ‘Pier 1: This is me.’
Pier I operated 997 stores at the end of the quarter, down 19 from last year.
In related news, a Dallas federal judge dismissed an employee retirement plan's securities fraud case against Pier 1, saying it hadn't proved that the retailer knowingly mislead investors about inventory issues, reported Dallasnews.com.