Pier 1 names interim CFO, cuts guidance

Fort Worth, Texas – Pier 1 Imports Inc. has named senior VP of planning Laura A. Coffey, 48, as interim CFO. The move comes as Pier 1 reduces its guidance for fiscal 2015 and Charles “Cary” Turner retires as senior executive VP and CFO.



Pier 1 has reduced its fiscal 2015 guidance for same-store sales growth (including e-commerce) to 5%. The company is also now expecting earnings per diluted share in the range of $0.80 to $0.83 (excluding retirement-related expenses, as well as higher expenses in areas including SG&A, interest and depreciation. Pier 1’s reduced outlook reflects softer than expected sales in January and February, as well as higher than forecast expenses, primarily related to incremental supply chain costs.



“I am extremely disappointed that we will not achieve our prior financial guidance,” said Alex W. Smith, president and CEO. “Following a strong holiday period, we registered respectable company comparable sales growth of 5.7% in January -- but the results were well below our forecast, which had overestimated the recapture of lost sales from last year’s storms. This is also causing us to take a more cautious view of sales for February.”



Coffey, a Certified Public Accountant, joined Pier 1 Imports in 1997 and has held various positions, including VP – assistant controller, principal accounting officer, senior VP of finance, and senior VP of business development and strategic planning Coffey spearheaded the implementation of the company’s e-commerce web site and omnichannel capabilities. Prior to Pier 1 Imports, Coffey held positions with Alcon Laboratories and KPMG, LLP.