Pier 1 Imports' stock craters on disappointing earnings report [CNBC]
PIER 1 IMPORTS (PIR)
Last pier 1 imports earnings: 6/26 04:15 pm
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Source: CNBC
Pier 1 Imports ' stock plummeted more than 20 percent Thursday morning after the company reported sales that missed analysts' expectations, also ceasing its dividend payouts. The home furnishings retailer said halting its dividend payments to investors will enable the company to allocate greater resources toward implementing its three-year strategic plan to drive sales and earnings growth and increase shareholder value. The company on Thursday morning laid out a plan, running through 2021, where Pier 1 focuses on targeting niche groups of shoppers, refining the merchandise in stores and creating new ads. According to CEO Alasdair James, the plan will also pressure profitability in the near term. However, these investments are expected to drive sales growth and profitability in fiscal 2020 and 2021 and are necessary to help us return the business to a sustainable growth trajectory, James said. Pier 1 on Wednesday said it had net income of $15.1 million, or 19 cents
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