Word: piers
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...Pier 1 Imports The stock of the home accessories retailer is also perilously close to a delisting. Pier 1 was trading at 45 cents on Jan. 27, down 92% over the past 12 months. The real estate crash has been devastating to all home-furnishing retailers, but like Borders, Pier 1 wasn't performing well even before the collapse. "Merchandising was stale, they were relying too much on selling wicker furniture, the price points were probably too high and there was store saturation," says Anthony Chukumba, an equity analyst at FTN Midwest Securities Corp. (See pictures of Americans in their...
...company has reported just one profitable quarter over the past two years. The third quarter of 2008 was devastating: Pier 1 lost $36.9 million, or 41 cents per share, on $300.9 million in revenue. That loss far exceeded analysts' expectation of 26 cents per share. Chukumba says Pier 1 CEO Alex Smith has made some smart moves, like stocking shelves with small items, which consumers are more likely to buy on impulse. "Unfortunately, the macro economic environment more than overshadows that," he says...
Chukumba thinks Pier 1 has enough cash and a small enough debt load to weather this recession for a couple of years at best. "But if things get worse real fast or the recession lasts for even a longer period of time, I have to call Pier 1's viability into question," he says...
...Harvard got another power-play opportunity halfway through the middle frame, but Princeton goaltender Zane Kalemba got in front of shots from sophomore Matt McCollem and freshman Alex Killorn. And when the Crimson got a short-handed breakaway of its own, Kalemba stepped in front of sophomore Pier Olivier-Michaud’s shot to keep Harvard scoreless in the second period. Princeton kept its momentum in the third frame, out-shooting Harvard, 19-8. The Tigers slammed in their second power-play goal at 8:37 and secured another breakaway goal at 11:21 to bring its lead...
Retail, a sector battered by the slowing economy and consumer spending, presents a similarly nuanced picture. Among the most brutalized have been rubber-shoe maker Crocs (down 96%, to $1.52), bookseller Borders (down 93%, to $0.71), home furnisher Pier 1 Imports (down 90%, to $0.51) and casual eatery Ruby Tuesday (down 86%, to $1.38). But there have been standouts too. Some are thrift-conscious companies that make for classic recession plays: Dollar Tree (up 61%, to $41.61), 99 Cents Only Stores (up 39%, to $11.05), Family Dollar (up 27%, to $24.51) and Wal-Mart (up 15%, to $54.63). Others, though...