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Pier 1 Enjoys Killer Q3 Results, Shares Skyrocket 35%
Pier 1 Imports’ strong Q3 results pushed shares up by their biggest price gain ever, with analysts saying the firm is taking a better approach to its promotions and merchandise selection.
The retailer's shares were up more than 35% during intraday trading following its earnings announcement, and soon-to-exit CEO Alexander Smith attributed the success to Pier 1’s loyalty program, MarketWatch reports. At the end of last quarter almost 75% of the retailer's total sales came from customers in the loyalty program, up from 33% a year ago, Smith said.
While some analysts said Pier 1 is on track to continue boosting its earnings, others are more cautious, saying the positive results are nothing more than a brief respite along a rocky road. [MW]
