We believe that Pier 1 Imports (NYSE:PIR) provides a unique combination of value, being one of the cheapest furniture retailers in an industry supported by multiple macroeconomic tailwinds, growth, through its recent aggressive capital expenditure plan to improve its store base and grow its omni-channel strategy, and stability, supported by expanded returns of capital through dividends and recently increased share repurchase activity. We believe that this three-part scenario has risen from weak results during 2013, but we also believe that this pressure has been overdone by investors. The recent investments and push into e-commerce, which represents most of the reason for the weak 2013, should enable the company to realize substantial long-term benefits. This growth, combined with the...
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