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Pier 1 Plunges Most in Almost Three Years on Slow Holiday Sales

  • Company vows to test new initiatives in a wide range of areas
  • Hurricanes and discounts derailed performance last quarter
Home goods are displayed in the window of a Pier 1 Imports Inc. retail store in Louisville, Kentucky, on April 10, 2017.
Photographer: Luke Sharrett/Bloomberg
Updated on

Pier 1 Imports Inc., battered by storms and an industrywide discounting binge, declined the most in almost three years after skidding sales forced the furnishings retailer to rethink how it does business.

The company’s shares dropped as much as 30 percent after it reported a disappointing earnings forecast and a slow start to the holiday season. Amid weak sales, the company is testing out new ideas across operations, from supply chain to real estate. A new three-year plan will be unveiled early next year.