Pier 1 to close up to 25 stores after disappointing earnings

Pier 1 Imports Inc. will close up to 25 stores in the next two years, the company announced during its quarterly earnings call.

Net sales decreased 1.4 percent to $469.2 million, according to a company statement. Alasdair James, president and CEO, said the company’s financial performance was impacted by the hurricanes in Texas and Florida. E-commerce sales reached 26 percent.

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“We saw improved sales in November, including a solid Black Friday weekend, driven by our strong promotional message. However, overall trends dropped considerably during the first two weeks of December,” he said.

During the third quarter of fiscal 2018, the company closed one store. The company expects to close a total of approximately 17 stores in fiscal 2018, and up to 25 in the next “couple years.”

Pier 1 Imports has locations at the Mad River Station Shopping Center in Centerville and another at the Beavercreek Towne Center. It also has a location at the Voice of America Center in West Chester Twp. Closing locations have not been announced yet.

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