Pier 1 Imports slumps 30 percent; holiday optimism disappears [Reuters]
PIER 1 IMPORTS (PIR)
Last pier 1 imports earnings: 6/26 04:15 pm
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Source: Reuters
Pier 1 Imports slumps 30 percent; holiday optimism disappears | Reuters 3 Min Read SAN FRANCISCO, Dec 14 (Reuters) - Pier 1 Imports Inc’s stock lost nearly a third of its value on Thursday and its main competitors’ shares also fell after the furniture and home decorations retailer warned the holiday shopping season was not going well. Shares in the seller of wicker chairs and scented candles slumped 30 percent and was on track for its deepest one-day drop since 2009, while rival Williams-Sonoma Inc fell 3.25 percent, Bed Bath & Beyond Inc dipped 2.7 percent and At Home Group declined 1.3 percent. Pointing to a strong labor market and rising home prices, many U.S. brick-and-mortar retailers have been cautiously optimistic that consumers would spend more this holiday shopping season than in recent years. Pier 1 said in its quarterly report late on Wednesday that holiday shopping got off to a strong start on Black Friday on Nov. 24, helped by strong promotions. “However, overall trends d
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