{"id":5260,"date":"2015-08-27T09:25:47","date_gmt":"2015-08-27T09:25:47","guid":{"rendered":"http:\/\/newsroom.chainstoreguide.com\/?p=5260"},"modified":"2015-08-27T09:25:47","modified_gmt":"2015-08-27T09:25:47","slug":"company-snapshot-pier-1-imports-inc","status":"publish","type":"post","link":"https:\/\/www.chainstoreguide.com\/offthechain\/2015\/08\/company-snapshot-pier-1-imports-inc\/","title":{"rendered":"Company Snapshot: Pier 1 Imports Inc."},"content":{"rendered":"<p><strong>Turmoil in Finance at Pier 1<\/strong><\/p>\n<p><strong>\u00a0<\/strong><\/p>\n<p><strong>Address<\/strong><br \/>\n100 Pier 1 Place<br \/>\nFort Worth, Texas 76102-2600<\/p>\n<p><strong>Telephone<\/strong><br \/>\n817 878-8000<\/p>\n<p><strong>Internet Homepage<\/strong><br \/>\nwww.pier1.com<\/p>\n<p><strong>Year Founded<\/strong><br \/>\n1965<\/p>\n<p><strong>Total Stores<\/strong><br \/>\n1,065<\/p>\n<p><strong>Total Annual Sales<\/strong><br \/>\n$1,865,782,000<\/p>\n<p><strong>Senior Executives<\/strong><br \/>\nAlexander W. Smith:\u00a0 President, CEO<br \/>\nJeffrey N. Boyer:\u00a0 Executive VP, CFO<\/p>\n<p>&nbsp;<\/p>\n<p>This past February, Pier 1 Imports was hit with a bombshell.\u00a0 <strong>Oppenheimer<\/strong> downgraded the <strong>company rating<\/strong> to \u2018perform\u2019 from \u2018outperform\u2019, after the retailer surprisingly lowered its fourth quarter guidance. Company shares fell by just under a third of its prior value to $11.40, in pre-market trading.\u00a0 Oppenheimer analysts also lowered their fiscal 2014 and 2015 estimates for the company. This activity occurred despite four years of consecutive corporate increases in annual revenue.<\/p>\n<p>The company\u2019s disappointing fiscal performance was blamed on unreasonably upbeat expectations which the company had issued earlier.\u00a0 Then CFO Charles Turner shook Wall Street by suddenly announcing his retirement.\u00a0 Laura Coffey, a 17-year company veteran was quickly installed as interim CFO.<\/p>\n<p>In early April, in a press release accompanying the issuance of the company\u2019s annual financials, CEO Alex Smith notably cooled expectations for the coming year.\u00a0 His statement featured an announced expected closing of approximately 100 stores over the next three years.\u00a0 This was stated as a move to cut costs and expenses down the road.\u00a0 Closings are expected to focus on natural closures as leases expire, and relocations based on demographic real estate decisions.<\/p>\n<p>On June 30, the company named longtime financial veteran Jeffrey N. Boyer as Executive VP and CFO, effective as of July 27.\u00a0 Mr. Boyer came from Tuesday Morning, where in just less than two years he resolved a similar situation, where a company\u2019s stock suffered sharp declines, under financials which brought in serious questions of corporate underperformance.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Turmoil in Finance at Pier 1 \u00a0 Address 100 Pier 1 Place Fort Worth, Texas 76102-2600 Telephone 817 878-8000 Internet Homepage www.pier1.com Year Founded 1965 Total Stores 1,065 Total Annual Sales $1,865,782,000 Senior Executives Alexander W. Smith:\u00a0 President, CEO Jeffrey N. Boyer:\u00a0 Executive VP, CFO &nbsp; This past February, Pier 1 Imports was hit with&hellip; <a class=\"more-link\" href=\"https:\/\/www.chainstoreguide.com\/offthechain\/2015\/08\/company-snapshot-pier-1-imports-inc\/\">Continue reading <span class=\"screen-reader-text\">Company Snapshot: Pier 1 Imports Inc.<\/span><\/a><\/p>\n","protected":false},"author":6,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"post-template-no-sidebar.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10],"tags":[15],"class_list":["post-5260","post","type-post","status-publish","format-standard","hentry","category-home-hardware","tag-snapshot","entry"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.chainstoreguide.com\/offthechain\/wp-json\/wp\/v2\/posts\/5260","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.chainstoreguide.com\/offthechain\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.chainstoreguide.com\/offthechain\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.chainstoreguide.com\/offthechain\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/www.chainstoreguide.com\/offthechain\/wp-json\/wp\/v2\/comments?post=5260"}],"version-history":[{"count":0,"href":"https:\/\/www.chainstoreguide.com\/offthechain\/wp-json\/wp\/v2\/posts\/5260\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.chainstoreguide.com\/offthechain\/wp-json\/wp\/v2\/media?parent=5260"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.chainstoreguide.com\/offthechain\/wp-json\/wp\/v2\/categories?post=5260"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.chainstoreguide.com\/offthechain\/wp-json\/wp\/v2\/tags?post=5260"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}