From Home Furnishing Business
Pier 1 Braces Investors for Year-End Results
Specialty home furnishings retailer Pier 1 Imports (NYSE: PIR) updated its expectations for its fourth quarter earnings saying weather disruptions have impacted store traffic throughout its network of stores.
Alex Smith, president and CEO, said softer traffic and temporary store closings due to winter weather has put pressure on fourth quarter sales and merchandise margins.
"Our fourth quarter results are frustrating and disappointing," Smith said. "However, we know the weather will eventually end and we can get back to more typical business trends."
The retailer's fiscal 2014 ends March 1, and Pier 1 expects to report its year-end financial results April 10.