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Pier 1 Imports peers stand tall amid carnage

Sep. 21, 2018 10:43 AM ETPier 1 Imports, Inc. (PIRRQ) StockBBBYQ, WSM, ETD, RH, PIRRQBy: Clark Schultz, SA News Editor14 Comments
  • Pier 1 Imports (NYSE:PIRslumps 22% to trade at its lowest level in nine years.
  • The retailer's preannounced FQ2 earnings and pulling of full-year guidance has analysts scrambling.
  • Loop Capital analyst Anthony Chumkumba says the competitive environment and lack of fat to cut make a Pier 1 turnaround difficult.
  • Morgan Stanley's Simeon Gutman thinks Pier 1's value proposition has faded with consumers in comparison to competitors.
  • The deepest cut of all arrives from the Citi desk, as the analyst team warns that a Pier 1 NYSE listing could be at risk as the share price dwindles.
  • The issues at Pier 1 aren't creating a selling wave with peers. Williams-Sonoma (WSM +0.8%), Ethan Allen (ETH -0.5%), Bed, Bath & Beyond (BBBY) and RH (RH +0.3%) are all holding up.
  • Previously: Pier 1 Imports issues soft FQ2 update (Sept. 20)
  • Source: Bloomberg, CNBC

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