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OFFON

PIER 1 IMPORTS INC

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Pier 1 shares slump to eight-year low after analyst warning

04/23/2018 | 01:33pm EST
The Pier 1 Imports store is seen in Broomfield

SAN FRANCISCO (Reuters) - Pier 1 Imports Inc's stock plunged to its lowest level since 2009 on Monday after an analyst recommended investors avoid the shares until the furniture and home decorations retailer reverses falling sales.

SAN FRANCISCO (Reuters) - Pier 1 Imports Inc stock plunged to its lowest level since 2009 on Monday after an analyst recommended investors avoid the shares until the furniture and home decorations retailer reverses falling sales.

Shares in the seller of wicker chairs and scented candles were down 9.8 percent in early afternoon trading on New York Stock exchange, bringing losses to about 31 percent since the company last Wednesday posted disappointing quarterly results and scrapped its dividend.

Pier 1 on Thursday detailed a three-year turnaround plan aimed at reducing store clutter and inventory, better-targeting different kinds of consumers and improving marketing, but it warned that the plan would lead to a net loss for 2018.

But in a client note on Monday, Raymond James analyst Budd Bugatch cut his rating on Pier 1 to "underperform" from "market perform," and recommended that investors "exit the shares now."

"We believe there will be ample time and opportunity to revisit the recommendation if and when it becomes clear that management's plan is working and a favorable investment opportunity exists," Bugatch wrote.

Pier 1 has struggled in recent years to keep up with surging competition between sellers of home goods, including Williams-Sonoma and Target, as well as online sellers Wayfair Inc and Overstock.com Inc.

Home decor superstore At Home Group's stock has more than doubled since its initial public offering in 2016. Since that time, Pier 1's stock has lost half of its value, and on Monday it traded at $2.37, its lowest price since 2009.

Stiff competition has led Pier 1 and some of its rivals to offer nearly permanent discounts, which cannibalize earnings. Typing "Pier 1" into a Google search bar on Monday, the first word that autocompleted was "coupon."

(Reporting by Noel Randewich, editing by G Crosse)

By Noel Randewich


ę Reuters 2018
Stocks mentioned in the article
ChangeLast1st jan.
ALPHABET INC. -2.22% 2607.03 Delayed Quote.-7.97%
AT HOME GROUP INC. -0.08% 36.99 End-of-day quote.0.00%
JUST GROUP PLC -2.81% 89.9 Delayed Quote.7.54%
OVERSTOCK.COM, INC. -8.47% 40.86 Delayed Quote.-30.76%
TARGET CORPORATION -2.02% 217.25 Delayed Quote.-6.13%
THE LEAD CO., INC. 15.31% 753 Delayed Quote.47.07%
WAYFAIR INC. -5.53% 139.72 Delayed Quote.-26.45%
WILL GROUP, INC. -0.40% 1242 Delayed Quote.-13.51%
WILLIAMS-SONOMA, INC. 0.00% 142.58 Delayed Quote.-15.70%
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Sector and Competitors
1st jan.Capi. (M$)
PIER 1 IMPORTS INC69.39%1
NITORI HOLDINGS CO., LTD.-4.21%16 375
WILLIAMS-SONOMA, INC.-15.70%10 402
RH-26.97%8 403
DUNELM GROUP PLC-6.44%3 551
AT HOME GROUP INC.0.00%2 412