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Pier 1 experiences significant pressure from adverse weather
Adverse weather in many of Pier 1 Imports’ major markets has continued to plague the home furnishings retailer, prompting president and CEO Alex W. Smith to update fourth-quarter and full-year expectations.
The severe winter has resulted in considerably softer store traffic and has even forced the retailer to close some stores temporarily, further pressuring fourth quarter sales and merchandise margin.
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Pier I cites harsh winter as it lowers profit guidance
Forth Worth, Texas -- Pier I reduced its fourth quarter and fiscal 2014 profit forecasts, blaming the negative impact of severe winter weather. The home furnishings chain is the latest in a series of retailers to credit the extremely cold weather as the main reason for its reduced outlook.