Pier 1 Imports

Pier 1 Imports Inc.

Type	Public
Traded as	NYSE: PIR
Industry	E-commerce, Retail
Founded	1962 (1962) San Mateo, California, U.S.
Headquarters	Fort Worth, Texas, U.S.
Key people	Alasdair James, CEO[1]
Products	Furniture
Revenue	US$ 1.828 billion (2016)
Operating income	US$ 54.86 million (2016)
Net income	US$ 30.13 million (2016)
Total assets	US$ 843.08 million (2016)
Total equity	US$ 292.03 million (2016)
Number of employees	13,500 (2016)
Website	pier1.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. (NASDAQ: PMTC), 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]

• 
  A Pier 1 Imports store in Oregon
• 
  A Pier 1 Imports store, Pittsfield Twp., MI
• 
  Pier 1 Headquarters

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

• The Akron
• Cost Plus, Inc.

References