Pier 1 announces 3-year plan to address 'weaknesses,' after disappointing results [MarketWatch]
PIER 1 IMPORTS (PIR)
Last pier 1 imports earnings: 6/26 04:15 pm
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Source: MarketWatch
Pier 1 announces 3-year plan to address 'weaknesses,' after disappointing results Pier 1 Imports Inc. PIR, -3.08% announced Thursday a three-year strategic plan, which the specialty home products retailer said will be aimed at addressing certain weaknesses in its business, and is expected to lead to net losses for fiscal 2019. The announcement comes after Pier 1 reported fiscal fourth-quarter results late Wednesday that missed profit and sales expectations , and halted its dividend, which sent its stock plunging 16% in premarket trade Thursday. Pier 1 said it expects $45 million in capital spending toward its "Pier 1 2021: A New Day" plan, which will primarily be spent on information technology, supply chain and store, as well as marketing. "This will pressure profitability, bringing us to an expected net loss for both the first quarter and full year," said Chief Executive Alasdair James. "However, these investments are expected to drive sales growth and profitability in fiscal 202
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