- Pier 1 Imports (NYSE:PIR) slumps 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