Pier 1
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Pier 1
Pier 1 Imports Inc.
Public
Traded asNYSEPIR
Russell 2000 Component
IndustryE-commerce, Retail
Founded1962; 56 years ago (1962)
San Mateo, California, U.S.
HeadquartersFort Worth, Texas, U.S.
Key people
Alasdair James, CEO[1]
ProductsFurniture
RevenueDecreaseUS$ 1.828 billion (2016)
DecreaseUS$ 54.86 million (2016)
DecreaseUS$ 30.13 million (2016)
IncreaseUS$ 843.08 million (2016)
IncreaseUS$ 292.03 million (2016)
Number of employees
13,500 (2016)
Websitepier1.com
Pier 1 Imports, Liberty Tree Mall, Danvers, Massachusetts

Pier 1 Imports Inc. is a Fort Worth, Texas-based omnichannel retailer specializing in imported home furnishings and decor, particularly furniture, table-top items, decorative accessories, and seasonal decor. It is publicly traded on the New York Stock Exchange under ticker PIR.[2]

History

The first Pier 1 Imports store opened in San Mateo, California, in 1962. According to the company's official history, the original store catered to hippy baby boomers and featured love beads and incense.[3]

By 1966, Pier 1 had grown to 16 store locations, and established its corporate headquarters in Fort Worth, Texas.

Pier 1 went public on the American Stock Exchange in 1970 and later joined the New York Stock Exchange in 1972.[3] At this time, the company had grown to 123 stores, posted 100 percent sales gains for four consecutive years, and opened stores internationally in Australia and Europe. A Pier 1 store in Royal Oak, Michigan reached annual sales of $1 million in 1979. By 1985, the Pier 1 chain grew to 265 stores, with the management goal of doubling that number by 1990.

On December 29, 2006, Standard & Poor's bumped Pier 1 Imports Inc. down one spot and off the bottom of the S&P MidCap 400 Index when it added Parametric Technology Corp. (NASDAQPMTC), a software company.[4] As of December 2012, the company had sales of $418 million.[5]

In April 2008, Chesapeake Energy bought the headquarters of Pier 1 for $104 million.[6][7]

In May 2017, Alasdair James become CEO following Alex Smith's departure in December 2016.[8]

Stores

Pier 1 Imports store in Canada

The chain operates over 1,000 stores under the name Pier 1 Imports in the United States and Canada. The company also had a children's furniture and accessories retail concept in the United States called Pier 1 Kids which was disbanded in September 2007. It was a member of the S&P MidCap 400 list through the end of 2006, when it was bumped off the list.

Pier 1 Imports also owned a chain of home-decor retailers (40 locations as of February 2006) in the United Kingdom called "The Pier" until it was sold to Palli Limited, a subsidiary of the Iceland-based Lagerinn ehf in March 2006 for approximately $15 million.[9] This chain went into Administration in December 2008 and was finally closed in January 2009.[10]

Merchandise

Pier 1 merchandise consists of home furnishings and items including accessories such as candles, vases, and picture frames as well as full-sized upholstered furniture, hand-carved armoires, large-scale vases and eclectic wall décor. Items are imported, created in conjunction with foreign designers, or produced by Pier 1's Trend and Product Development team.[11]

Partnerships

Pier 1 has been a corporate partner of the U.S. Fund for UNICEF since 1985--its longest-running corporate partnership--generating more than $42 million by selling UNICEF greeting cards, cause marketing, and emergency relief for Afghanistan, Haiti, and Iraq, as well as areas affected by the Indian Ocean tsunami.[12]

Former spokespeople for the company, seen largely in broadcast commercials, include Cheers alumna Kirstie Alley and Thom Filicia of Queer Eye for the Straight Guy.

See also

References

  1. ^ https://www.dallasnews.com/business/retail/2017/04/03/pier-1-imports-new-ceo-kmart. Retrieved 2017. Missing or empty |title= (help)
  2. ^ "Investor Relations". Pier 1 Imports. Retrieved 2013.
  3. ^ a b "Pier 1 Imports History". Pier 1 Imports.
  4. ^ Campoy, Ana (December 20, 2006). "S&P changes makeup of indexes, Spectra set to become index component". MarketWatch.
  5. ^ Halkias, Maria (December 13, 2012). "Fort Worth-based Pier 1 Imports reported higher sales and profits as superstorm Sandy tempered results". Dallas Morning News.
  6. ^ Sheryl, Jean (August 22, 2008). "Dallas-Fort Worth's energy boom is prominent factor in office market". Dallas Morning News.
  7. ^ Smith, Alexander W. (October 24, 2010). "CEO makes tough calls to bring magic back to Pier 1". Dallas Morning News.
  8. ^ "Pier 1 hires Kmart president to lead business | Furniture Today". www.furnituretoday.com. Retrieved .
  9. ^ "Pier 1 Imports (PIR) Sells Subsidiary to Palli Limited for Approx. $15 Mln". Street Insider. March 20, 2006.
  10. ^ Ramnarayan, Abhinav (December 4, 2008). "The Pier collapses under recession pressure". The Guardian. Retrieved 2013.
  11. ^ "About Pier 1 Imports". Pier 1 Imports. Archived from the original on 2008-01-13.
  12. ^ "Corporate Partners >> Pier 1 Imports, Inc". United States Fund for UNICEF. Retrieved 2013.

  This article uses material from the Wikipedia page available here. It is released under the Creative Commons Attribution-Share-Alike License 3.0.

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