Profits Almost Halved for Pier 1 Imports in the Latest Quarter
Fort Worth, Texas based home furnishing retailer, Pier 1 Imports Inc. said its most recent quarterly profit has almost halved. The retailer specializing in imported home furnishings and décor with main focus on furniture and decorative accessories issued a subdued guidance for the year. Though the company is struggle to maintain its sales figures but the quarterly results surpassed expectations. Shares dropped 2.6percent in after-hours trading. In the last one year the stock has lost 47percent till the close on Wednesday.
The retailer reported a line of disappointing sales figures, which it thought it would be able to reverse with boosted focus on its e-commerce platform. The company launched an e-commerce project in July 2012. However, online sales cost the brick-and-mortar traffic a heavy price and resulted in an inventory glut in the retailer's stores. It managed to lessen some of its inventory burden and on Wednesday, Chief Executive Alex Smith said "The significant strides we made on the inventory front helped us put many of the issues in our distribution centers behind us."
In the most recent quarter, the retailer's online sales accounted for 15 percent of the top line and that is a thirteen percent increase compared to the earlier quarter. For the quarter, sales at established stores dropped 0.6percent partially because of wavering exchange rates.
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