Josh Arnold
Long/short equity

Pier 1 Imports: Let It Decorate Your Portfolio

Thesis

Pier 1 (NYSE:PIR) is an importer and retailer of various home goods such as lamps, vases, home office and bedroom furniture and accessories as well as many other decorative items for consumers' homes. The 3,700 employee company was founded in 1970 and since that time, PIR has grown from a small retail shop into a 1,000+ store chain spanning the US and Canada. PIR had some very difficult times and indeed, had a brush with failing during the financial crisis as contracting consumer spending crushed the retailer's revenues and earnings. However, since the depths of the financial crisis, patient shareholders have been rewarded with 10,000%+ gains as the stock became nearly worthless as a result of massive...

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